Well, doubtless they will seek to remedy the Sycamore debt. As a matter of fact, BK Code guarantees the Sycamore debt will be resolved one way or another. I think (suspect) that ARO will file a claim against them which will mediate any ultimate settlement between the two parties. I think (suspect) Sycamore will receive a combination of cash and stock at a much reduced agreement approved by the Judge. The cash will likely come from the remaining 60M yet untapped second payment from the DIP loan, and then an equity piece valued at whatever their perceived fair market value is of their stock (this version or a new version, or perhaps a preferred stake) outside of BK.
Then I think the DIP turns into the Exit Facility, (likely with a revolving credit line to replace the BoA facility), with a partial compensation arrangement of stock and 10-year repayment terms.
I see at least $60M in shares being issued among the two major parties. The actual number of shares that translates to will depend on what they value the company at, post BK. I'd say a minimum of $2 per share is about guaranteed, likely a bit higher. That's a minimum of 30M shares issued, perhaps in common, perhaps in preferred (which again, is untapped and likely our best chance of survival). Possibly in new common.
I see ARO coming out with near, or under $100M debt based only on the Exit Facility. It's possible (without stretching very far) to do this without touching common, and issuing only preferred. Whether they choose to do so is another story.