VZ needs over $20 billion which they don't have and will have a hard time getting.  VZ's only viable lender would be China. VZ would have to give them lots of collateral and you can bet China isn't going to spend years in court when VZ doesn't pay.

For the first dozen or so Creditors on line, they'd would most likely get their full amounts with the Citgo sale.  There is no incentive to make a deal and any Creditor would be foolish to do so base on VZ's past.   Any deal would include a large amount of risk and uncertainty.

I own stock in two companies in the front of the line and hope they both wait this out and get their whole award after the sale.