Iron ore price, page-737

As a fairly new holder of Atlas - can someone explain the debt we have? I read that we have around $50 mil debt and ALSO debt holders with billions of shares!? Lets say 6 billion shares at 2cents is another $120 mil?  Whats the go here and how did debt holders get all those shares - surely a better deal should have been done or could be done now eg "pay them off" while shares are so cheap.

Sorry for my ignorance (old age creeping up).