Well I won't pretend to be an expert on these matters, but thats my reading of it.
A £48m bounty over 4 years changes the landscape completely for a relegated club. HMR&C cannot block the CVA as they have less than 25% of the total debt, so the CVA will go through and all the non-football creditors will get stiffed.
Pompey then come out the other side, attract a buyer, re-form as another company and carry on their merry way with lots of TV money, FA Cup Final money and parachute payments coming in.
Lovely.
I HATE THEM