In general the bondholders don't win unless they're holding senior secured debt. If they were expecting a return of 5% on their bonds, the fact that the company entered bankruptcy means that the profit it can generate is less than the 5% interest the bondholders were asking for. It may get recapitalized with them as the shareholders, but the profits on the new recapitalized company will be less than the interest previously owed to the bondholders, just by the fact that the company entered bankruptcy.

The two conditions where they could win are:

1. When they have liquidation preferences over the other bondholders. In this case, their claims come first at bankruptcy, which means they can end up owning the company at the expense of the other bondholders and stockholders. The company's overall profits might not be sufficient to generate a return at the interest rate of all bondholders, but it might generate returns over what a select group of bondholders would otherwise get.

2. When the company can't generate sufficient profits now, but their revenues and earnings are expected to grow over time. In this case, the new equity holders would take a significant haircut on the value of their investment at the time of bankruptcy, but improving financial positions means the value of their investment could grow to be worth significantly more than the bonds over time.

I can't rule out either of these for AI companies. The principals of many of the companies involved have a record of self-dealing that's very similar to #1 - it's illegal if it can be proven in court, but it's often very hard to prove, particularly if there are other parties involved. And the economics of AI are likely very similar to #2.