Ah, but it has.... and all it takes, really, is perusing the last few PWC reports. And, an understanding of basic b/k laws.... the relevant part being that, in no case where creditors have not been paid in full, do common shareholders receive anything for their shares. Why? They are always last in line.
It's really quite simple. CCAA, KERP talk, etc, is not going to change the FACT that the parent company is US based, and when the Cdn proceedings finish, the b/k heads back to the US court. A bit of wrap up to be done, and then the shares will go poof.