SGH debt trades at 38 cents in the dollar, page-160

It doesn't guarantee the debt buyer get a dollar, though, it a risk/reward bet they could end up get 10c or 20c or 50c or 80c or $1 or nothing at all if the company goes into administration.

the best bet is they want to company keep ticking along and pay back the debt over time. If they company goes into administration most probably won't get more than 50c in a dollar as this company hasn't got much

hard asset they can sell for $$$ it just human capital and most of the money goes to employee entitlement.
Citi sold because they believe this company won't last and the buyer believe otherwise that how it is.

There are always 2 opposite view to a trade