That is part of the terms and conditions of the COCO:
https://en.wikipedia.org/wiki/Contingent_convertible_bond
The bondholders who bought them knew what the conditions were when they purchased these things. They just didn’t think it would happen.
What do you call these bondholders? COCO-nuts?
“How did you go bankrupt?”
“Slowly, at first, then all at once”
Mutilated quote from “The Great Gatsby”(?)