Holders of the B and C tranches were promised their money back faster, but the A tranch holders get priority in bankruptcy.
FORBES: Vultures Find UAL Bonds Unappetizing
2.
So the A tranch EETCs are now selling for about 70 cents on the dollar, while the B and C tranches, which in many cases sold for about the same price at the time of issue, have plunged to 20 cents or less.