The document refers to an agreement to provide debtor in possession financing. That indicates that a trip through bankruptcy court will take place. I expect that existing common stockholders will get a piece of the action, but that piece is unlikely worth less than $0.20 per share.
Every bankruptcy is different. CJES is not comparable to SUNE because SUNE has a cash flow problem arising from operating problems, made more complex by way of an asset valuation problem. CJES had no cash flow problem, but had violated a loan covenant, potentially resulting in a cash flow problem by way of triggering a default. The matter was then addressed with negotiation, making the CJES bankruptcy more orderly. However, in both cases the final resolution will depend on the value given to assets, and the capital structure appropriate to a return to normal operation.
I expect that Chapter 11 will be declared when they get agreement on a detailed plan to issue new equity to existing bond holders. Since there are many creditors, all with varying security levels, it takes time to get everyone on board.
The new equity is not likely to be issued side by side with the existing equity. The creditors will not be willing to share much, if any, value with existing common stockholders. In the case of SWFT, which was very similar, existing common holders received 4% of the new common, plus warrants with an exercise price set high enough to insure complete recovery by creditors. Something of that nature is likely to be the case with CJES. By the way, SWFT entered Chapter 11 in order to cancel existing equity, and issue new.