The way I understand it is that it is all negotiated in the Plan of Reorganization. If creditors take over and substantial refinancing is needed, new shares would be issued reflecting the change in ownership and current commons could possibly be wiped out or reflect a minority percentage of the new ownership. This is especially needed in the case of merger or acquisition.
If all that is needed is time and maybe a small kicker to get GTAT over the hump then the dilution would be limited and the current share structure would be maintained and maybe 100% ownership by pre-BK shares would be something like 90%. In this case there would be no need to issue new shares.
The numbers used above are purely for the sake of illustration.
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