You got it backwards- selling the company piecemeal makes them junior to 8.5% although you can play games with that. Selling the entire company makes them senior.
This is an opportunity for them to create value by buying liabilities below the value on the balance sheet. Crumline dictated the price and they opened up the offer to the rest of the shareholders.
It's not worth buying in the open market- would take too long to buy a meaningful amount and the price would quickly get bid up to these levels regardless because of the lack of offers.
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