Yes, but it also had $378M worth of noncurrent assets...

Yes, but it also had $378M worth of noncurrent assets (depreciated value, excluding goodwill). Even with significant write-downs and if some assets are to be disposed on a fire-sale prices, that can leave a positive bottom line.

I reckon that chances for MCS to go bust are low - if it comes close to that, it's more likely that someone will show up with a takeover bid to get assets for cheap.

On today's price, market cap is around $20M - that's really cheap cheap, certainly looks oversold. Demand is emerging, currently there are 2x more Bids than Asks. It will be interesting to see if insiders (e.g. Mark Rowsthorn) are buying at these prices.