GTATs biggest creditor that is senior to equity are its convertible bonds. It's not "news" that convertible bonds can be payed back in new stock of the reorganized company. The debtors, note holders, and creditors might undervalue the company in a POR in which shareholders will receive nothing.
This is why an equity committee will drastically help shareholders chances. They may be able to negotiate a settlement, or enter into a full on valuation battle against the other parties. The equity committee motion is due for hearing October 16.
Why must Longs and Shorts hate each other? Can't we all just get aLONG?