This is good news, given the dire (debenture) situation ….Given the circumstances, there's no way possible not to look at this as good news.
working this out will lift the huge overhang above this company and allow it to move forward, which is what is needed.
of course, there could be arguments about the structure of the deal they've made
but the point is, they move on with properties intact, reducing their debt immensely while pushing years out the maturity date on the balance.