There is no buyout. Someone could buy up every single share of currently outstanding common stock, but it would not matter one bit. The current common shares are still going to be cancelled by the bankruptcy court, no matter who owns them.
The Plan of Reorganization has been approved by the Court. All common shares will be cancelled once the Plan is declared effective, which will happen soon.
It is all in the (FACTUAL) Bankruptcy Court filings.
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