They will have to pay back the secured creditors first and are burning cash every quarter. We need someone that knows how to value the rigs in a worse case situation and get a better idea of their cash position to see how much will be left for equity holders.
I would think they can get out of the contracts of the newbuilds similar to what the oil companies are doing to them or I remember seeing one company do a joint partnership with the yard but cant remember who it was.
If you read the CC, then you would know that they purposely low balled guidance. They learned their lesson and now the stock is going to rip back to the 3s. The quants should be eating up the words in that call. It was an amazing call with all of the expectations so low. I think they will be buying back stock all the way to 3 dollars plus.