The problem with your math here is the $5 billion bid is not an all cash deal. It also contains the rollover of existing debt and a new secured real estate loan. Therefore you cannot just reduce the existing total liabilities by $5 billion nor increase the total assets by $5 billion because much of the $5 billion bid is just refinancing existing debt. The remaining debt-holders of approximately $6 billion will have to be dealt with in some fashion.