Not the debtors, the creditors who lent the money will end up bearing the losses.

不是债务人,是贷出资金的债权人最终将承受损失

耶鲁公开课 - 金融市场课程节选

From the standpoint of a buyer of the whole company, what do I care how the ownership of the company is divided up between debt and equity?

从公司买家的角度来说,我现在关心的只是,公司的所有权,是怎样分配给股东和债务人的

耶鲁公开课 - 金融市场课程节选

Then you have debtors and other people with other relationships.

还有债务人等其他各种关系

耶鲁公开课 - 金融市场课程节选

Again, that is a problem that lenders have that the company that's borrowing the money has this unfortunate incentive, at least at certain times, to take excessive risks because the debtors will end up bearing the losses.

这便是贷方遇到的又一问题,即借款公司可能会,抱有此种不良动机,至少在特定情况下会过分地追求风险,这样最终蒙受损失的将是债务人

耶鲁公开课 - 金融市场课程节选

Otherwise, if you don't buy all the debt, you still have a problem because those debtors can go after you because they are-- they're not shareholders but they have rights and they could come in and say, we don't like what you're doing; we're going to sue you because we think that you're doing something contrary to our interest as debtors.

不然,如果你没接下全部债务,就不能安枕无忧,因为这些债务人会跟着你,他们不是股东,但他们有权利,他们会跳出来说,我们不喜欢你的做法,我们要起诉你,因为你的做法违背了我们债权人的利益

耶鲁公开课 - 金融市场课程节选