Not OP but.. There’s a difference between debts and assets though. Is the $160B debt equivalent to $160B in assets or did they screw up and overspend? If I bought a $500k for $1M then the next buyer can’t get it appraised for such
Another way to think about total enterprise value is that there are two groups of people who have a claim on the business: the equity holders and the creditors. In order to own the business free and clear, you need to buy both of their claims. The total equity claim is the market cap and the total creditor claim is the outstanding debt.