FWLT from 2005 is a good parallel. Similar scenario with lots of debt, big convertible notes, negative equity, FWLT had outstanding asbestos liabilities in the billions (like the pension liab with YRCW). It went from $4 to $80 in a span of about 30 months.
The overriding factor, though, in both cases: a huge improvement in operating income, then net income, then restructuring debt.