The Cram-Down Decade
A "Cram-Down" deal, occurs when a corporate entity forces its workers,
shareholders, or the taxpayers in general to accept something less
valuable than what they were owed, after the workers (in most cases)
met their obligations to the company, and the company didn't return the
favor. Many companies seem to be giving junk bonds to their pensioners
and workers in lieu of the money they are owed due to chronically
underfunded pension plans. In plenty of cases they don't even do that
much, defaulting on the retirement plans and letting the debt-ridden
PBGC (Pension Benefits Guarantee Corporation) handle the overflow.
http://select.nytimes.com/gst/abstract.html?res=F40717FA3A5D0C7B8EDDAC0894DD404482