This depend on how badly the banks want the companies to...

This depend on how badly the banks want the companies to survive.
This noteholders only leverage to hurt the banks.
If they offer us crap, then we should give them crap.

for example, they offer us $10, and subsequently they profit $90 from this transaction. (asset prices recover enough to cover all secure & unsecure debt)

If we put the company in administration now, the banks get nothing. We get nothing. (assets not enough to cover subordinate debt)

Therefore it would make the bankers think hard.. perhaps its better if they offer us holders $30 - $40 and only profit $60 - $70 rather than both get nothing from this transaction.

Iam only talking about value of the notes if asset price recover.

There is also a good chance of the banks loosing much much more in a fire sale. They might not recoup all their debt.