A ``secured creditor'' would be someone who holds collateral, which is a guaranty that's behind the bond. I'm going to say that it includes, perhaps, real property, which could be the actual factory, itself. It could be the equipment inside the factory. It could be cash collateral, security. It could be the cars sitting as ready for shipment to the dealers but not the cars in the dealers' lots, because they own those cars.
The speaker is explaining the concept of a secured creditor in relation to bondholders.
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