>The reality is, first the banks, and second the bondholders,...

>The reality is, first the banks, and second the bondholders, will end up as the major shareholders in this company.

Not true .... a $1 of debt = $1 of debt even though one might be secured, the other unsecured. The only difference is the priority of payment.

The banks cannot rate their secured $$'s higher than unsecured $$'s.

If the banks are able to call the shots ... the companies will not be in receivership. If the companies go into receivership, the Receiver will call the shots. If everything is sold off ... it will be a Liquidator calling the shots.

My personal view is that a capital reconstruction will happen in which all current stakeholders will have a say - equity holders, all tiers of debt holder. Some have more powerful positions ... but all have some power.