probably worth about the amount of debt right now. creditor know this and will put as much pressure to get into BK as soon as possible. If this lives for another year, credits get 50 cents on the dollar max. They will crater this think quickly if they get their way. That would be BK before political conventions.
it is is looking like they are going to have to start selling assets to stay afloat. Whether they can do that fast enough at high enough values to keep lenders happy is the question. Probably yes, but i think market cap will end up around $6B - $8B. So I could see pps around $25.