Back to reality, page-6

indeed. Seeing as senior debt is ranked first in the debtor priority list and yet still a credit rating agency has downgraded the stock to CCC meaning

" An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation."

should tell you all you need to know about the true value of the assets and the equity. Assets < net debt.