I was pretty sure the debt converted to equity was also replaced with new debt in the exact same amount just due a few years from instead of next year. So essentially they got the company in exchange for moving the debt back a couple years. We are still servicing it as far as I know but I’m no corporate finance savant.

The bankruptcy improved nothing really other than they didn’t foreclose (liquidate) the business bc there was nothing to sell and get their $2B back. So they wiped out the shareholders and took control and pushed the $2b to the right.