Answer by Zack Sionakides:
A creditor’s concern is going to be towards getting paid by the company, not really to the maximization of value. They lend at rates and terms based on the risk profile and company’s ability to pay its debts.
Think about it similarly to a mortgage on a house. The lenders concern is that the mortgage is paid, not that the owner maximizes the value of the property. The primary concern a lender has is that the asset isn’t destroyed (i.e. the house is uninhabitable), or in the case of a company, doesn’t go bankrupt without any liquidable assets.