RE:J.P. Morgan Global High Yield & Leveraged Finance ConferenceMy 2 cents, this management wants their safe, big paycheck until its taken private and maybe some of them keep their jobs.
As for bondholders, Canso and Goldentree have enough of the capital stack to control any decision to repay early and/or swap into new notes and allow for a dividend payout.
The notes have been trading through the optional redemption price of 105% more or less consistantly since 2014 so it's clear the debt markets view the credit quality to exceed the yield.