The creditors cannot just auction and liquidate, they'll have to go through a lengthy and complicated processes and court cases that can be opposed, and Ascendis can apply for business rescue.
Blantyre and L1 increased their portion of the credit to more than 75% because they see value in Ascendis, and they want to exchange their credit for equity, which should be fine (as long as they demand a fair portion of equity) especially that they indicated that they want the "the best long-term interest of the Group and its stakeholders".
The market update on 2021/02/02 indicates a strong business, and that's part of why the creditors don't want Ascendis to dispose these profit generating operations, especially the big core assets, and so if they're not accepting a fair market value disposure then they will not be pushing for an auction liquidation.
Blantyre and L1 have much more to lose than the share holders, so should they try to demand more than a fair portion of Ascendis, and then matters get escalated to court cases, or in case of Ascendis apply for business rescue, then Blantyre and L1 will lose their power.
I don't think that the share holders should accept (vote for) any unfair debt for equity or arrangement.
Edited by Tom, 10 March 2021 - 10:50 AM.