They are going to a lot of trouble so the AZZG notes still be...

They are going to a lot of trouble so the AZZG notes still be worth something substantial in their view AND must be expected to take significant more time to realise. Otherwise they would surely just write it off if low chance of a return or else just wait if a sale was imminent? I wonder how much money they are putting in to "fund the administration"? That would be good money after bad unless again they felt they were very likely to get a substantial amount back. That looks promising for noteholders at least.