No, it isn't incorrect at all.
Once this completes in CCAA, after the checks are written and those creditors get their partial recovery, the proceedings return to the US bankruptcy court. What will be returning is an empty shell (it is, and there is no denying it) that will still have $80+M of debt and no operations nor sources of income to pay any of it. That bankruptcy judge will discharge the remaining debt and the equity, and the company will cease to exist. That's what happens. Every. Time.
And all this fluffy stuff about NDA's being used to keep some transaction for the empty, debt ridden shell that is so lucrative to pay off all that debt and give shareholders some recovery away from view is pure BS to sell stock, nothing more. Every upcoming process or transaction has been disclosed, and when there was an NDA or a court seal to keep some detail of those from being immediately disclosed, it was stated in the appropriate documents. The bidders signed an NDA to get access to the document room, the bid sheets from the liquidation were sealed until the sale was approved by the judge, etc., but those processes and transactions were otherwise well known to be happening.
