can I sell my shares?, page-50

When you say senior bonds I assume you're referring to the large chunk that are secured. As you say they will likely take a haircut. Below that you have a smaller amount of listed unsecured bonds (YAHHA) issued late last year, which normally will get nothing until all secured creditors are paid out. I say normally because there apparently is some clause that changes their status if an administrator is appointed. I can see a legal sh!t fight occurring here. At the very bottom are the shareholders.