1. You still seem to be ignoring the debt. They may keep the...

1. You still seem to be ignoring the debt. They may keep the business operating, but in return for a debt restructure where the current equity is wiped out. They had $623m of net debt 8 months ago and clearly have more now. The lenders want to recoup (salvage) as much of that as possible - that doesn't mean that there will be anything left over for current equity.
2. FTI's involvement is new to the market - unless you can find a source before 30 Jan? I certainly can't using a bloomberg terminal or a google news search.
https://www.google.com.au/search?hl...=off&gl=au&tbm=nws&source=lnt&tbs=sbd:1&sa=X#

FTI are restructuring specialists - that can involve both debt and business structures. Or administration. They do that too.
3. I'm not sure what point you are trying to make here. If, as you say, SGH knew that failing to give the promised cash flow update would lead to a 15% share price fall and yet still didn't give one, just how bad must the numbers be for them not to release them? If the bankers have the numbers now, and the bankers have just appointed a new restructuring specialist, doesn't that imply there is likely be a forced restructure? If that's the case, why would anyone think the bankers would take a haircut on their debt without first wiping out the current equity? They have seniority and hold all the cards...