I bought because I thought the company had significant earning power and was acceptably-run from an operational standpoint (not necessarily from a capital-allocation standpoint), and so there was a chance that some value would accrue to those (slightly) higher in the capital structure, either during a formal reorg or through (eventual) resumption of dividends. Of course it requires no imagination to see less palatable alternatives: a full impairment in reorganization (even if there is equity, that doesn't mean it accrues to prefs) or a coercive conversion. I view this as a small, speculative investment.
Though it took them quite a while, they seem finally committed to an aggressive restructuring. The issue, as with most restructurings, is that their future is almost entirely in lenders' and buyers' hands. I think they do have value as a going concern. I'd say it's a coin flip as to whether equity holders realize any of that value. I own some prefs because the risk-reward seemed moderately favorable, but I'm very much keeping my eyes on the risk part of it.