Of course they built up their debt to unsustainable levels in order to pursue a stock-buyback scheme. To increase stock value and reward corporate officers and investors, they sacrificed the long-term viability of the whole company.
The creditors will suffer, the employees will suffer, but the board that approved such a policy will move on with barely an inconvenience. There should be major tax penalties for stock buybacks. Companies should invest in staff, in stock, in R&D, in expansion, not in gaming the value of their shares.
If I were offered a choice between meeting Pedro and a connection between the A and the F train without having to go all the way to Greenwich Village…I would be very conflicted.