I am in the same boat (holding the unsecured notes). I just don't see why you think a deal needs to be made with the Sr Debt. It looks like to me this is already done based on the SEC filings. Unsecured debt gets equity and preferred and unitholders should get nothing.
One thing I don't understand is if an MLP files for Ch 11 and reorgs and emerges from BK as a C Corp then why would CODI apply to a unitholder going into BK (I guess it comes down to when the were considered a C Corp in the BK process).