You might also notice that in the company statements , the term "stakeholders" was used rather than shareholders or equity holders.
The bond holders hold all the cards in this type of a situation and the best hope for equity,is forming a committee as soon as possible to get a seat on the negotiation table to try and cut a deal to get a few crumbs in the form of new equity or warrants.
The 2022 7.875 bond closed yesterday at $9.50 on a 100 dollar bond.
They are senior to the preferred and common and should be made whole before the equity ( both common and preferred are equity) receives anything.
If you were going to take a flyer at this the bonds make the most sense trading at less than 10 cents on a dollar,next would be the preferred ranking higher than the common trading at 2 cents on a dollar. .40 vs a $25 par.