No. They would have sold the company for 80M with the debt if they could find a buyer who was willing to take on the 620M debt. The stock is likely going to be cancelled and worth nothing.
Yes, very possible, but only if they change their name, change their product, fire the bench beenies and hire real scientists and sales people (and get rid of grandpa and the rest of the hillbilly clan on the BOD). Otherwise, not a chance!