That is what destroyed AIG, and what led to the recent bankruptcy of Abitibi-Bowater and the pending bankruptcy of General Motors. In both cases, because some bondholders owned CDS contracts, they stood to gain more from bankruptcy than from reorganization.
这也就是导致AIG破产的原因，近期破产的全球最大白报纸生产商Abitibi-Bowater公司和已经进入破产程序的通用汽车也归于此类。在上述的案例中，由于一些债券持有人拥有CDS合同，对于债券人而言，相比于企业重组来说，企业破产会使得他们获得更大的收益。