I don't believe you understand the meaning of the term "net proceeds". It has NOTHING to do with money left over after creditors are paid.
Instead, it means the proceeds from the liquidation of the assets after all costs are deducted. The first of which would be the fees to the Monitor (PwC), and then everyone engaged for the bankruptcy (lawyers, financial experts, management, etc.). All those professionals don't work for free. Bankruptcy is VERY expensive, with some experts routinely making up to $1,000 per hour. So the costs involved with the bankruptcy and the asset liquidation are considerable, and they get paid first out of all the proceeds. The NET PROCEEDS from the liquidation after all those fees are paid will be distributed to the debtors and creditors in order of priority.
We know that there will not be enough money to pay even all the secured debtors, much less the unsecured creditors. Which means the common shareholders will get nothing.
