But this implies a key problem: Whereas a bankruptcy court can force holdout creditors to accept the exchange offer as long as a significant majority of creditors have already done so (a so-called “cram down”), the market-based approach allows some creditors to continue to hold out and sue to be paid in full.
但这隐含着一个关键问题：尽管只要压倒多数债权人已经照办，破产法庭可以强迫不情愿的债权人接受债券替换条件（所谓的“强制执行”（cram down）），但基于市场的方法允许一些债权人坚持不就范，并诉诸法院要求足额偿付。