I'm saying this could have been done a lot more easily, perhaps, at the formation, but changing the rules halfway through.... Investors have put their money forward. They have loaned to a company. That company has promised to pay them back. If all of a sudden we change the rules midway through, that will cause a disturbance.
Will it be a functioning credit market? It will, absolutely; the markets will continue going on, but bondholders are very cautious people, so they're going to price in the worst-case expectation and they're going to demand a higher return for it. They're going to charge a higher interest rate for it.