Most likely the shareholders will be wiped out ( equity collapse ) and bondholders are going to cut their losses and simply walk away. It will be rate payers (

Most likely the shareholders will be wiped out ( equity collapse ) and bondholders are going to cut their losses and simply walk away. It will be rate payers ( customers ) and taxpayers ( both state and federal ) who will be footing the bill. But that's the worst case scenario which I don't think is likely.