Personally, all I can deduce with certainty is that the new...

Personally, all I can deduce with certainty is that the new lenders believe there's a reasonable opportunity to profit from their purchase of the company's debt - Yup, they got it at 75% discount, so they have some headroom to start with, anything else will be pure cream for them.

How they intend to extract such value, the longevity of their intended relationship with the company, and how the interests of current shareholders may factor into their plans, are a mystery to me - Shareholders? They aren't part of their plan other than for raising some more funds from. Other stakeholders are more important as they need to keep the good ship SGH afloat in the short term whilst they offload whatever value they can get.

The interests of lenders and shareholders will hopefully coincide. But if they do it'll be a fortunate coalescence of self-interests. No one should expect these guys to be anything other than greedy, selfish and unapologetically ruthless - The only "coincide" will be the crash of two things after they have got their fill of profit and recovery of their owned debt at full value.

Make no mistake, there is honour amongst thieves. A bunch of lawyers versus a hedge fund reminds me of sharks versus killer whales.