Alita Restructuring_ Final Countdown, page-31

Yes, existing equity holders lost 95%+ of their holdings the moment this went into VA.
This current stage of the VA process is about getting the greatest return for creditors.
Purchasing the asset's does not somehow save GXYs existing equity, they effectively lost it along with the rest of shareholders already.
The catalyst for that was A40's only offtaker falling over. But holders have chosen to blame GXY the entire time.
I recall even when they participated in the CR A40 holders claimed GXY was taking advantage. They were the skapegoat of choice before Tribeca called the breach.