Originally Posted by FriendlyPilot

The bondholders are not decision makers at the company. They don't decide these things. Management runs the company. Also the bondholders just got burned because they converted a bunch of their previous debt to equity during BK1 and that equity is already wiped out with this BK. No idea how much of their shares they sold, but likely not much.

I'm guessing other entities can see what Spirit management just did to a group that came in to help out and don't want the same thing to happen to themselves.