Debt During An Equity Short Squeeze

Depends on the capital structure of the company but I suppose in theory it would go up based on the probability that lenders are made whole as a result of the squeeze? It's not going to squeeze like equity obviously but if you had a squeeze on a company that had debt trading at 50c then depending on how long the squeeze lasts the company could use the opportunity to issue more shares at the massively inflated price, substantially increasing cash on hand some of which could then be used to pay the debt off at the full face value. For example GME did something similar when they paid off all of their debt after the run up in early 2021 and are now sitting on $1b in cash. I have 0 experience trading debt so this is entirely speculative, best if someone who does this FT chimes in.