I'm Afraid That's it...
turn out the lights, the bondholders basically own it all (assuming no rights are exercised, and why would they be?). It's a faster, less costly route to technical insolvency without actual insolvency. Saves much time and money on winding up a company and claiming the collateral which entertains much the same end-state.
As expected and predicted in these situations (companies with interesting assets but too much debt). The large-money agents (institutions, hedge funds, private equities) hedge their risk on common shares by picking up the debt at discounted prices which pays off big-time in a recap, which is based upon the face-value of the debt instrument (rather than the purchase price of the debt, despite the likely large discount, which is where a lot of the money is made in converting debt to equity).
Regards,
Naamkat