If it were me - I would convert as much of the 89 million in debt to stock, then r/s the stock again only to be followed up by a General Motors style bankruptcy / re-org because of the outstanding 89 million that was not converted to stock.
Once the dust settles...Then Mr. Coca Cola can work his magic. Until then it is a day trade and anyone going long is going to be in a lot of pain. All of this off course is all just in my humble opinion.
