When a business cannot meet its financial obligations (ie pay its bills and debts), it is said to be insolvent.

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DISCs (Discount bonds) are exchanged at a discount to the par value of the existing debt but with a "market-rate" coupon. These bonds are sometimes known as principal-reductin bonds. Normally, these bonds have floating-rate coupons (LIBOR + spread) and a long maturity (20 years or more).

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