But the company may have to raise as much #$%$10 million, I'm guessing. And they're probably carrying like $20+ million in debt, as we speak. How are they going to do that, without the massive dilution of a PIPE.
It would seem that a fire sale of the company might be the most reasonable scenario. It would allow the bank to get out. And management to avoid the shame and ignominy of a more painful court based financial restructuring.
There is NO argument to buy. CEO has zero idea on how to build equity or value. I'd wager that various assets are being shopped for short term capital injection. This has 1 of 2 outcomes....BK or buyer buys debt at reduced value. Either way, stockholders (long) and employees lose.