I keep an eye on stocks in distress, as sometimes they offer the...

I keep an eye on stocks in distress, as sometimes they offer the highest leverage to a recovering share price.
But sometimes they don't recover.
There is a lot of name calling from holders, and their emotion is to be expected after such catastrophic losses.
What is a possible upside for current holders?
Perhaps a capital raising to retire some debt? This will lock in sub-current prices as a floor, but at the expense of massive dilution.
A renegotiated deal with the Chinese? Unlikely, as they can wait a little longer and get the asset they want from administrators.
Another white knight? Possible, but again, why not wait out the debt issue and take it from the bondholders?

The company's underlying assets have value, but with the current debt load and timing constraints, it is hard to see how the equity holders can recover much value.

That said, I'd be interested in scenarios where holders can make money, so please share them.
If there was a tight market for U assets, I could see a bidding war, but PDN finds itself in this predicament because the market currently has such poor fundamentals.