Allowing the stock price to fall may in the long run be a good thing, if they are in fact allowed to buy the debt for cheap.
The de-listing may further help the stock since it should make it harder and more expensive for short sellers to buy back to cover their bets. It also takes away the one event that might encourage the couple remaining holdouts to sell their holdings.
I bought in a few times towards the bottom and plan to hold out for a substantial recovery. I might still sell my original spinoff shares to take capital losses, although I have enough losers elsewhere to make that unnecessary.