bondholder

But the special master appointed to oversee the sale preferred Elliott’s because it included a settlement with bondholders who asserted collateral rights over Citgo.

The guarantee mitigates the risk for bondholders, and provides an incentive for Meta to renew.

China, in turn, suspects borrowers would use the space to pay private bondholders, whom it sees as Western institutions.

"What the plan represents is a way to salvage as much money as possible for these key bondholders," he says.

Ratings firms scored the bonds so highly because Meta pledged that bondholders and Blue Owl will get all their money back, even if it stops leasing the data center.