Supposedly Toys R Us had interest payments of 400 million a year on an initial Leverage of 5. billion.

Bain and KKR took the real Estate for their 1.5 billion, basically.

If Toys R Us was paying 400 million a year in interest, plus principal during that time, the deal was made in 2005, and it went bankrupt in 2017, So 12 years. basically, no one got left holding any bags. Even though there was still debt left on the books, the banks had collected enough in interest and principal to more than cover their investment. They had paid 4.8 billion in interest alone. Then the creditors got to wipe the remainder of the note off their books as a loss.  Bain and KKR had been collecting rent on real estate for the entire time period, plus collecting hundreds of millions of dollars in fees plus paying out dividends.

I guess in short, it doesn't look like there really was a bag holder in this case.