Makes sense, when a crash happens liquidity will be terrible -- almost by definition, as the hyperscalers won't have the cash on-hand to make good on their debts. But what I'm trying to understand is exactly what happens to those who are holding that debt, given that the debtors will soon be making a lot of money again (from their pre-AI businesses)?

Won't the debt-holders have some claim to that future cash flow to be made whole?