Mercer International’s bonds slumped after it sought to ditch rules requiring equal treatment for all creditors — a move that would give the struggling pulp producer the power to pick and choose which lenders to favor in a restructuring. The company asked owners of its bonds due in 2028 and 2029 to remove a provision that forces it to pay all lenders equally when it seeks to strike a debt deal, according to people familiar with the matter who asked not to be identified discussing private information. Separately, a group of Mercer’s creditors has organized in anticipation of debt talks with the company and plans to sign a cooperation pact binding them to act together. …Mercer is grappling with weak earnings and dwindling cash flow that’s left it struggling under the weight of its debt, which stood at about $1.6 billion at the end of last year. S&P Global Ratings downgraded the firm to CCC+ in February.