It is a brilliant way to do business. Grow like there is no tomorrow with an unprofitable business model, lose a fortune, accumulate as much debt as you can, restructure your debt once by asking your creditors to become shareholder, lose 99% of your company value in a year then what, 6 months after ask to restructure the debt again. You could not make this stuff up.
And most of this happened in a time where most of your competitors were making billions of profits.