Sleep,
"Respectable" borrowers pay their bills. The initial creditors are 2 plus years past due. Do you think lenders, private or otherwise, will wait forever? Time is running out, if it is not already gone. This notice is evidence of such.
Though failure is not optimum for creditors, it is progress towards at least partial repayment, which is better than waiting, and further speculation with no results. This is especially true if failure is inevitable. Which it may very well be.
Reg