It wouldn't be a material event until it was completed.
Hopefully, they have some decent legal council and won't be paying off the entire debt. Most receiverships end up collecting 40-60% of the original debt. I have said what I am expecting/hoping for here is a preferred offering that carries a lesser dividend, maybe 10%, that is redeemable, and is backed by common shares but with a decent holding period.
The good news here is that any liquidation would be highly unlikely as there is very little in the way of tangible assets and I doubt the receiver would want to tackle running a business while attempting to sell the operations.
Those reduced payments also help. I wonder if they continue to require any interest payments. They don't mention that.
Ready for them to get it done already and get this ridiculous valuation corrected.
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