Some refer to common stock in a company with debt outstanding as an option on a company's

Question:

Some refer to in a company with debt outstanding as an option on a company's assets. Do you see any logic to this statement? What is the logic, if any?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...