You barely saw $5 per share earnings even when the prefered print model was uncontested. To think that now is no different than a trip to fantasyland.
Being a Digital Provider will not get you there because it can not replace the lost circulation revenue --- the internet is free -- subscriptions to newspapers are not.
As far as buying back the junked debt --- the reason why it would be junk would preclude your buying it back. You wind up again trying to do fire sales on assets to make your balance sheet conform to what a "digital provider" balance sheet looks like.