No. Would have to be a comprehensive agreement. Meaning *all* debt written down and / or converted along with guarantees for the debt holders who now own Common equity, and management would have to face some haircuts (salary cuts, guarantees of no Preferred -- voting control, etc). Then there'd be a final major R/S and a clean debt free shell would emerge, hopefully with a real operating company (no more fake well BS). The debt holders would need to support the Bid to effect a share price recovery to make their money back. That's the only pathway for a recovery.
Otherwise its a 100% loss for the debt holders and management never gets paid -- pathway #2.
The paradox of iHub: buy high, sell low