So it took me much longer than a week to get to looking at these, and I missed a pretty solid move in the ECN debentures, so congratulations!
ECN did lower the balance on their senior credit facility using the proceeds of the equity raise you mentioned, and now they have enough space on that line that they could refinance the debentures into it, which is a pretty good backup plan. I'm a bit skeptical on how much of that capacity is going to be there in the long term and the credit facility expires before any of the outstanding debs come due so they'll need to renew first. Capacity might be lower because they've been selling down their finance assets, that is deleveraging but also is getting used to cover losses. They do have positive equity~=market cap here, but much of that is goodwill/intangibles, and I'm a bit skeptical that those are worth much in a finance/leasing business. I also dislike that they've been reducing exposure to floorplan loans (Which I think are pretty solid) and ramping up exposure to areas I think are riskier. Basically I think at the mid-teens YTM these are at right now they're probably priced about right. But getting in here when the last Q came out and they showed the deleveraging from the equity raise was a great trade and you're up 20 points since then!
DRT is definitely higher risk/reward. YTM is obviously extremely high, and I like that their credit facility is essentially undrawn so they don't really have debt senior to these debs. But their business is probably impaired by work-from-home. They've been shutting down plants (and without the charge for that last quarter they'd have made money) which hopefully gets them on more solid footing. The major owners being willing to fund the rights offering is a great sign, imo, because as you noted they're putting in money that is effectively junior to the debs. Having a major owner committed to the equity is a good thing, because a share-for-debt restructuring would be a completely fine option here, but a CCA filing would probably not result in a good outcome, imo.
The other one I've always thought probably has a greater ability to pay off their debs than the market expects is Wildbrain, from the underlying value of their intellectual property assets. But those are trading pretty close to par right now.