Also from the court documents: "Section 7.05 Cancellation of Existing Securities and Agreements. Except for the purpose of evidencing a right to distribution under the Plan and except as otherwise set forth in the Plan, on the Effective Date, all notes, stock, agreements, instruments, certificates, and other documents evidencing any Claim against or Interest in the Debtors shall be cancelled and the obligations of the Debtors thereunder or in any way related thereto shall be fully released." http://docket_pdfs.gcg.net/IRG/17-33550/307_33550.pdf
This is the plan that the court accepted. No matter who wins the auction, there will not be enough equity for current shareholders to receive any return on their investment since the outstanding debt is multiples higher than the highest bid. Don't treat this as anything more than a greater fool trade.
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