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In many ways, it makes sense for a public company that has debt trading at a discount to cobble together a creative discounted exchange offer to capture some discount without consulting with any of its creditors first. For one thing, private negotiations with creditors that don’t work out will need to be cleansed, and as soon as they are disclosed, the market will immediately jump on the last compromise by the company as the starting point for subsequent negotiations.

Office Properties Income Trust’s recently launched exchanges were structured in just such a way, leaving bondholders scrambling to react and potentially creating divisions among investors. Two groups ultimately formed and 9fin has reported they came back with alternatives for the company, whose initial exchange deadline passed on Tuesday.