Personally, and I'm prepared to be wrong here, I don't know where and what all the supposed debt is.
The Macquarie debt is a technicality only. The payments are covered. The club is in essence the underwriter, rather than debtor.
KP have basically written off hundreds of millions with debt to equity conversion. Which tbf explains the high asking price so they can recoup some.
The only debts I work out are transfer instalments still owed (Skipp, herrmansen, Cullen, Stephy, Faes, VK, Souttar and maybe some others I CBA to think of) and hidden debt for seagrave (which I don't think was ever put through the club's books)