I think you are better off to buy the distressed bonds than the shares myself. More protection and higher up the priority chain, although I would expect the company to try and turn these into equity at some point to save money on the servicing.
The corporate faciliy banks have the right to block the bondholders interest if the company breaches its covenants and I suspect this could happen sooner rather than later.
Ignore the doomsday posters. They obviously lost out big time and cannot post rationally any longer.
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