Its nice to see some creative thinking put forward. I don't think creditors will ever write down the value of debt that SGH has to pay, for one major reason: nobody wants to remove the consequence off directors from getting a company too far into debt.
The banks have lost millions of dollars either way, sure they could give shareholders a free kick, but why would they? Inflicting as much pain on shareholders at this point becomes key to a lenders overarching strategy of dissuading others from becoming careless with their debt obligations.
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