[JumpCrisscross]

> they are too debt laden for a buyout at this point

Enterprise value is indifferent to capital structure. A leverage-sensitive buyer would buy out the high-yielding debt in addition to the equity. Purchasing out of bankruptcy is riskier, in many levels, compared with a negotiated sale.

[prklmn]

Why do you say purchasing out of bankruptcy riskier? That's counter-intuitive for me.