For Dhiraj Bajaj, the sudden twists and turns were unlike any he'd ever seen in his two decade investing career.
First, Dalian Wanda Group Co. indicated to bondholders — including Bajaj — that everything was fine. The $400 million it owed them would be paid in full. Days later, some creditors were warned that the company was, in fact, $200 million short, a bombshell that triggered a frantic sell-off in the debt.
And then, just as quickly, lenders were informed that there was indeed enough cash, sending the bonds surging once more.