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Nikec, my friend, I've already schooled on on several aspects basic finance, but you keep bobbing up. I respect the resilience to bob. :)

According numerous financial models, face value debt to traded market equity, depending liquidity, nothing do with covenants, implies a certain market expected write-off in face debt. i.e. to simply explain the ratio here; 800-1000% debt to market value equity implies in fact debt worth less than face.
Implies debt worth <<100c dollar.