It's not the CCAA system that favours bondholders, its the corporate system....  The courts merely affirm those rights. In all cases common shareholders are last in line for compensation, no matter if CCAA or not. Bond hodlers pay extra to be at the front of the line of debt hodlers in cases where there is bankruptsy. In all, they will still only get pennies to the dollar and will end up losing almost as much as shareholders in this case because they got royaly screwwed by the company insiders who ran away with the money.