ALSK didnt get the shaft or the short end of the stick. What they recieved was $100 million which takes care of 20% of total debt and most of the near term debt. In addition, the preferential cash add on provides near term security when more of their debt comes due. While I have no doubt that ALSK was a viable, albeit highly leveraged, entity on its own, the market was not percieving it this way given the current price and the opportunity to pay down debt quicker is all most market participants care at this point. When the viability of a company is questioned, the only thing that matters is making the company a viable entity. Thats what has been done here.