It appears common shares will be wiped out and new common shares issued in the reorganization plan they are presenting to be approved by the bankruptcy court. From most recent 8k filing:
"holders of claims arising under the Notes and holders of general unsecured claims, collectively, shall each receive their pro rata share of an aggregate of 100% of the new common stock to be issued by the reorganized Company (the “New Common Stock”) on the Effective Date, subject to dilution on account of the Debtors’ management incentive plan, any fees payable in New Common Stock under the terms of the Backstop Commitment Agreement, and the New Common Stock issued in the Rights Offering;"