Surely they are just reiterating the fact that the company is in...

Surely they are just reiterating the fact that the company is in a negative equity position. This doesn't actually sound like anything new. I agree that it just sounds like they are preparing shareholders and noteholders for a really crappy deal.

I don't think there is a way that the company could be restructured so that shareholders and noteholders are effectively removed from the equation without putting the company into administration is there?