Junk-Debt Investors Fight for Scraps as U.S. Shale "Bubble Bursting"

``Goodrich isn't the only one. Earlier this month, Halcon paid about 65 cents on the dollar to investors in $1.57 billion of the company's debt, in exchange for being third in line to get paid if the company fails... Once again, the leftover unsecured bondholders lost value. The notes fell after the swap was announced Aug. 27, and are now trading at about 35 cents on the dollar from about 46 cents before the announcement. "The bubble is bursting," Cutter said. "And if oil stays where it is, the worst is yet to come."''