Everything that matters when things go wrong is in the indenture, not in the price screen. Call schedules, change-of-control puts, restricted payment baskets and the definition of an event of default all live there.
Modern high yield indentures contain baskets that allow collateral to be moved to unrestricted subsidiaries, which has produced several high-profile liability management exercises where one group of creditors is disadvantaged relative to another. Reading the document is the whole job in distressed investing.
Example: an indenture permits a first call at 103 after three years. The bond trades at 106 with four years left, so any yield analysis must use yield-to-call at 103, not yield-to-maturity.
Related: covenant, callable-bond, seniority, yield-to-call, distressed-debt