So presumably, if the deal is allowed to proceed, the ECB will ensure that all the risk actually remains with Bankia and the Spanish government - and therefore with Spanish taxpayers - by imposing a massive discount (or haircut) on the amount of cash it would exchange for the bonds.
Even if not the Cupertino based company will likely hedge a significant amount of stock and that a bulk discount will ensure they can always have a cheaper bill of materials than any competitor using the alloy.
An investor commits to giving a company a certain amount of cash over 18 to 36 months in exchange for newly issued stock at a discount (typically 3% to 6%, more for very small outfits).
With the exception of discount flyers Spice Jet and privately held rival IndiGo, every airline in the country has cut back on the amount of flights it offers.