I think it has the potential to be very good for them. A clean slate with the debt position is obviously good news whichever way you look at it and effectively means Short has written off some 200m he invested over the years to have them punching over their weight and enjoy 10 years in the bottom half of the Premier League. If the new owners somehow manage to offload their high earners, getting whatever transfer fees they can get for the likes of Khazri, Ndong, etc. to pay off the running high end contracts and build a team off their youngsters and a couple of freebies/cheap additions capable of challenging for the league one title whilst not incurring more costs than they get in they could be in a much better position in twelve months time, back in the Championship with a cheap squad and primed for another takeover or some other investor getting onboard, which is what their new owners will be banking on.
If they fail to get back up on the first attempt and/or get their finances in order really quickly they're headed for administration. Their new owners are basically playing high stakes poker with their club's future.