Unless the nature of the deal between Bain and Deloittes is leaked, it's all guesswork. My understanding is that this plan is a commitment to buy at a price, not a guaranteed contract of sale ("Sale and Implementation Deed").
Under this plan, the return to shareholders is zero and the "cents in the dollar" return to creditors is as yet unknown. It's also strange that interim funding until the second creditors meeting has not been clarified in the letter from the administrators. Bain won't part with a cent unless a firm contract is in place, and that can't happen unless the creditors agree.
My bet is that Bain's offer barely covers all staff debts, a minimal return for the remaining creditors and a requirement that all awards, EBAs etc are null and void. Comes back to the VCs wanting "something for nothing", particularly the existing AOC.
The problem is that the creditors are now between a rock and a hard place and have to compare the option of a fire sale and liquidation versus the option of a minimal return in the dollar from Bain. Either result means a huge haircut for them. The bigger picture would suggest the second option would be much more palatable with the company continuing to trade in a smaller capacity, but with the debt removed.
Bain will be capably assisted by Carla, if they do get the nod. Difficult to see PS hanging around under this scenario.