If the market is really generous and price them as a going concern, 6x EBIT for enterprise value would be a starting point (since they are still highly leveraged). This year's EBIT of $50m was impacted by a lot of things that hopefully won't be repeated, so let's say they trunaround somewhat and achieve $60-70m EBIT. This brings EV to $360 to $420m, less debt ~$300m. So $60 to $120m of equity over 240m shares = 25 to 50c. It's big range but that's what happens when the company is teetering on bankruptcy - the equity value swings widely on small change in assumptions.
If they raise capital say $200m @ 20c a pop that's 1B new shares. The market might say OK, we can do 8x EBIT and this bring enterprise value to $480 to $560m. Debt is down to $100m, so equity value = $380 to $460m. But spread that over 1.24B shares and you get 31 to 37c.
If in 3 years they recover their EBIT to $120m, then 60-70c (in the post cap raising scenario) is possible. Or if they somehow don't need the cap raising, then all the way back up to $1 is possible as if nothing happened. But that's like saying a patient who's yet to recover from a heart attack may run and win the New York marathron one day... not impoosible but you wouldn't bet too big on it.
If they are to survive the cap raising route is the most likely. 20c raising price is probably generous given where they are trading. I certainly wouldn't double down if I was a holder - you can throw more money in during the cap raising when that comes.