£31 million to a club of Colchesters size is pretty much unpayable. Whoever takes them on is going to be saddled with a couple of mill stones round their necks.
Looks like administration, begging buckets, relegation(s) without a billionaire sugar daddy if that's true.
Mostly debt to their owner, which many would argue isn't "real" debt, depends on whether the owner is prepared to write it off in the long run. If he isn't, then there are easier investments he could make.