The New York Times, 22 Sep 2009
Junk borrowers are trading death row for extended jail time. Resurgent debt markets have helped several high-yield borrowers refinance loans. That will keep them from defaulting when loans come due, averting the possibility of near-term death by bankruptcy. But with interest costs most likely at least doubling, their cash flows will be squeezed — condemning some to protracted penny-pinching, if not worse.
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