Yes, if you file for bankruptcy, debt creditors have rights senior to equity holders.

In that case, seems like there's a way to get back our lovably dysfunctional social network. Just gotta outlast their cash on hand.

Edit: Pre-acquisition Twitter bonds are trading at ~70 cents on the dollar. Seems like the acquisition financing isn't being traded yet -- banks trying to avoid facing write downs?

According to Musk, Twitter is now at least break even. Who knows if that's true or not.

I would presume he means they're break-even in cashflow (aka the bills he actually wants to pay).

They are racking up massive debt to leaseholders, cloud providers...