As you can see in the announcement they provided a number of incentives to the note holders. Such as Proceeds from Watchstone , noteholders get a bigger chunk in the D/E and they left a bit of debt on the table.
(i dont get how some of those can be legal from a company law perspective, i guess they are lawyers they should know)
Shareholders paid for it dearly, i suppose its better than going bust.
Point im making is they dont lose 95% of their equity, the SP (should) spike up after restructure.
