The new creditors have undoubtedly placed their liens in a superior position to old debt, or they wouldn’t be putting up their/their investors money. For stock holders, a negative equity/insolvency with low odds of a fast, huge operational turnaround is a bad bet at anything near current prices.
To me that is why a forced bankruptcy by the creditors might be coming before all the loaned money is gone, and the creditor can be the first in line to collect, depending in what country the bankruptcy occurs . -Tom