All the acquisitions and name change (Oclaro) did not help add any value to the shareholders of this company. The management & BODs, while helping themselves with nice pay packages and bonuses, are only prolonging the agony of the shareholders by all the cosmetic gimmicks..
If the bond holders have taken naked short positions (hedging their bets), bankruptcy is on the cards.. They (Bond holders) have nothing to lose.. This has been the story of many small cap companies that resort to death-spiral financing for survival, amassing huge long term debts..