I'm not a bond expert. But my understanding is that security instruments either get:
1) In a POR that doesn't have enough to pay that 'class' - Partial payment (Normal in a BK when there isn't enough to make them whole) -- at that point, their contract rate is irrelevant because there isn't enough money.
2) In a POR that has enough to pay that 'class' - Their stated redeemable value, plus their contract rate up through the Plan Confirmation (which may then wipe them out then)
3) *OR* In a POR that has enough to pay that 'class' - Their stated redeemable value, plus Federal Judgement Rate (a decision of the court) up through the Plan Confirmation (which may then wipe them out then)
So, a bond or instrument that matures during the Bankruptcy, (in a class that is 'full') would be due either (2) Their contract rate (eg, mature at the time it was supposed to, and paid as if it had matured when it was supposed to) or (3) contract rate is thrown out, and they get FJR.
Now, that said, even a regular creditor (say a janitor company waiting to get paid) also would get paid (assuming enough money is available) plus an interest rate for waiting for their cash.
I would assume that a matured bond would get it's contract rate (if not subjected to FJR decision) up through it's maturity, and then a smaller interest rate to make up for the "waiting" to get paid.
...Catz
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