A two-dimensional theoretical model for solids-coated, or "armored," bubbles shows how the armor can support a liquid-vapor interface of reduced or reversed curvature between the particles, giving the bubble zero or even negative capillary pressure. The inward capillary force pulling the particles into the center of the bubble are balanced by large contact forces between the particles in the armor. Thus the bubble is stabilized against dissolution of gas into surrounding liquid, which otherwise would rapidly collapse the bubble. The stresses between particles in such cases are large and could drive sintering of the particles into a rigid framework, Earlier work on solids-coated bubbles assumed that solids can freely enter or leave the bubble surface as the bubble shrinks or expands. In such a case, armored bubbles would not be stable to gas dissolution into surrounding liquid. A new free-energy analysis, however, suggests that a shrunken hubble would not spontaneously expel a solid particle from its armor to relieve stress and allow the bubble to shrink further. Implications and limitations of the theory are discussed.