That's the risk you take when you lend money. It's why you get paid interest.
When you lend you expect to be paid back unless there is bankruptcy, and then you expect get a place in line for the assets.
The situation where someone else gets to buy the assets out, leaving behind the debt seems unorthodox.
They speedran the bankruptcy, hand wringing and liquidation. The line was formed and all the money has already been handed out.
No lenders or shareholders are in the room at all - shareholders dont get a say on if they want to sell their shares that were worth 7 billion on friday for 2 billion either.
Would you be upset if you loan me 10B on thursday, Bob lends me 10B on Friday, then Monday the Bob says the business will be sold to UBS who will honor his loans but not yours?
> if you loan me 10B on thursday, Bob lends me 10B on Friday, then Monday the Bob says the business will be sold to UBS who will honor his loans but not yours
In your example, Bob is getting back 2bn of his 10bn and I am getting back 0. The term of neither agreement are being respected, people are just being told you get what you get and if you dont like it you can have less. Everyone has been served up a shit sandwich for dinner.
In plain terms, money lent from the government is not discharged in bankruptcy. It all has to get paid back with interest. Private lenders of emergency liquidity and get zeroed out.