TDD I think you have it a bit wrong. The amount of debt is not really the problem, it's who they owe the debt to. Reportedly they owe Sasha 30-40 million and he owns the surrounding land round fratton as security. They have taken a 15 million pound loan from a hong kong businessman secured against their ground. The also owe HMRC a sum of money and a number of clubs money for players.
Now if they were to go into admin, the money owed to clubs has to be paid in order to play in the league. HMRC must be paid in full or they will refuse a CVA which will incur further point penalties. They must pay Sasha what he is owed or he can keep the surrounding ground and refuse to allow the expansion of fratton and they must pay the 15 million back or they won't have a ground to play in! Any new owner coming in will have to pay all of this off (being generous and factoring in this seasons tv money it's still going to be something north of 30 million) and they still don't own their training ground or have a half decent stadium.
Markus got a fantastic deal on us because we owed very little to anyone other than stadium debt which could be negotiated once we entered admin. If the skates go into admin then they will cease to exist.