Take a look at the BONT 10 1/4 notes due March 2014. Given the company's EBITDA forecast today, it should be possible for them to roll this debt forward. Additionally, The company looks likely to benefit from some store-specific operational improvements in the next two years. In the meanwhile, it wouldn't surprise me to see the company buying back more of this issue in the open market. At $72, the risk/reward is pretty attractive.
Disclosure: I am long BONT.
Additional disclosure: I hold no individual security positions other than interest in a private fund. The fund holds BONT equity, as well as Bon-Ton's 10 1/4% due 03/15/14 referenced in this entry. The fund may change those positions at any time.