NDN bonds

[scorpioncapital]

Does anyone have a view on NDN bonds, yielding 16 to 17% , 3 years. No doubt the hedge and pension funds lost their equity investment but what about their debt investments? I saw a write up on valueinvestorclub that downside could be 47 cents (vs market price of 67). I've walked into quite a bit of these stores. They are always busy, always cheap, even have some groceries. A bit long wait at the checkouts , locations seem decent. But there is much competition. Could this be a sort of Sears type situation, a managed slowdown or cost cutting with real estate, but less risk to the debt? The equity holders, including the Canada Pension Board have been nibbling at the debt.