Bondholders Lucky to Get 10 Cents in Looming Defaults

''Bond investors from Pacific Investment Management Co. to Capital Research & Management Co. may pay the price for allowing themselves to be subordinated by junk-rated companies that borrowed a record $2.2 trillion of bank loans in the past three years. Unsecured creditors of Fedders Corp. and Buffets Inc. have lost almost all their money as lenders lay claim to the companies' assets. Standard & Poor's says Burlington Coat Factory Warehouse Corp. and Univision Communications Inc. bondholders may meet a similar fate in a default.''