It's possible to purchase a bond and pay more than its par value as well. Investors do it all the time on the secondary market seeking higher rates of return. In those cases should the holder be entitled to a larger recovery than someone who paid par (or something less) if the debtor defaults?
A Senior Secured Bond claim is an iron clad IOU from a company. Who holds it...and what they paid...is irrelevent. The IOU stands. The treatment it receives is another kettle of fish..but always equally applied.
Having said that:
The distressed bond investor should never expect to recover par value in any investment. EI2010
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