My take on all of this is we hear something good or bad coming out of this mediation and current stay.
ALL IMO- The Judge has assigned a mediator to bring some conclusion to all this. Even though the Judge has been favorable to KRYFQ petitions for stays (also the Supreme court in throwing out the Noteholder's challenge) this can all change. Also, the wording of the last extension and the "with prejudice" paragraph leads me to conclude that this stay is different, and the judge wants this case to progress. Since Tenor is infused onto the KRY board and is most likely directing the terms being offered, I imagine the board (Tenor) is making an offer to the bondholders similar to what is already promised them, plus maybe a 10% bonus for the wait. I do not believe there will be a big give-away offered and I do not believe that Tenor or KRYFQ is "in cahoots" with the bondholders. So CRYFQ /Tenor will make their "with prejudice" offer, and the judge will say "Take it or leave it" to the bondholders. The bondholders can accept the terms- Or loose 100M plus the potential interest/bonus. I imagine the bondholders will capitulate rather than loose everything but there is always a chance that they wont. My conclusion to all this is we will more likely hear something soon and our situation will become much clearer during this stay, rather than just more stays being issued with no agreement.
Of course the reality of an abrupt change of fortune being a possibility is unnerving to most including me. At least Venezuela is not directly involved in the current event. I hope that reason can prevail between the negotiating parties, the Judge can wield some discretion in the direction of fairness and KRYFQ management does it's job to preserve shareholder's equity.