While a fortress balance sheet is appealing in times of crisis, many investors see a massive cash cushion in calmer times as a waste, particularly given the open debt markets for large liquid issuers and the negligible returns from holding cash.

FORBES: Big Companies Are Throwing Off Cash Faster Than They Can Spend It

The two owners would open this tranche of senior debt to other investors for equity warrants.

WSJ: Review & Outlook: The Solyndra Memorial Tax Break

It has written off a lot of debt and pushed for open trade.

ECONOMIST: America in Africa