The administrators are tasked with sourcing the best deal for...

The administrators are tasked with sourcing the best deal for the assets. The existing BOD only come into play if they present a viable deal. The administrators are in control and the BOD have lost all their power along with the shareholders.

Most likely is a third party buys out the debt with refinanced debt and reinstates the listed entity. A proper corporate finance team could structure this so that the actual upfront outlay is really only the difference in interest rates between existing debt and new debt plus operating costs. The figures of $300m etc are way way off for example PLS is not using their using the cash in their bank account. Shareholders will take a dilution hit but this structure is a lot more likely than any of the ones suggested above.