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Do we have anyone here familiar with Canadian bankruptcy law? In Canada, the equivalent of our Chapter 11 reorganization is the CCAA law. A company in CCAA can have equity wiped out, contracts broken and renegotiated, and debts wiped out or revised, without a vote of shareholders.

Say you have two different Canadian bonds that differ only in maturity, but are pari passu (equivalent in credit standing). These quote at:

CORP A 6.50 2014 48.00
CORP A 6.25 2026 32.00

The 2026 carry an additional 16% discount from par to account for longer maturation.

In a CCAA where these bonds are pari passu, would the 2014 bonds recover the same percentage as 2026?
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