“When you say “all creditors,” you’re referring to bondholders, too, right? After all, if labor is supposed to take a haircut, then capital should take a haircut as well.”

Of course!

As you know, there is generally a priority to any and all parties. So when there is a default and a liquidation occurs the established priority of ALL creditors shall be followed and the obligations shall be dealt with in that priority.

Unless of course, you want to change the laws to accommodate your argument. Sorry this is not Venezuela.