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You need to approach EK debt from the standpoint of what would happen in a distress situation. Count up their liabilities and order them according to priority. Where do your bonds stand in the hierarchy?

What is the value of the company in a distress situation? If the company in a Chapter 11 post reorganization gave the equity to the bond holders, which bonds would get no recovery?

You have to build a model for that and stress test it before you think about buying bonds.
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