The 7% don't seem to have done anything illegal (obtaining and enforcing a court judgment usually isn't), nor they have any agreements or liabilities towards the 93%, they're not obligated to act in the interests of those 93% when negotiating - even if they'd say "ahh we just did it out of spite to screw you guys, trololol" then it's within their rights to do so.

I doubt also that S&P opinion would be ignored - there are overdue payments that aren't being paid, they're simply acknowledging that fact.