So many inaccuracies there I don't know where to start.
Your main errors:
1. It was nowhere near £30 million that was written off.
2. They have paid off in full the stadium loan.
3. They got rid of as many players as they could - external factors prevented more leaving.
4. They didn't pay Dennis Wise anything to get them out of the Championship.
The long version:
Firstly, I'd like to point out that I was one of the creditors when Leicester went bust. So I know what I'm talking about.
Leicester had just been relegated from the Premiership. Their 'plan' was to sell players and reduce the wage bill, so they'd be able to cope with the reduced income. But there was one big problem. ITV Digital, which had the football league broadcast contract, went bust towards the end of Leicester's relegation season. This reduced Leicester's income for their season in the second tier, but also had a big impact throughout English football - see here: http://news.bbc.co.uk/1/hi/business/1898021.stm and here: http://www.itsroundanditswhite.co.u...tv-digital-collapse-on-lower-league-football/ . There was less money around, so the transfer market went into a temporary depression that summer. Several of their top players like Tim Flowers and Matt Elliott were made available on free transfers, but no one wanted them. An offer was accepted for Muzzy Izzet, but he didn't want to move to Middlesbrough. As many players as possible were sold (9 in total), for a total of around £8 million, but most of the biggest wage earners stayed because no one would have them.
They signed two players (one was Nicky Summerbee), both on free transfers, and both played for no wages.
Dennis Wise, who you claim Leicester paid £25,000 a week to get them out of the championship, actually never played a game for Leicester in the second tier. He was sacked after assaulting a team-mate during pre-season. http://www.theguardian.com/football/2002/aug/03/newsstory.sport1
Once the season started and they still needed to cut costs, they sent out as many players on loan as possible. They played for much of the season without a goalkeeper on the bench because they'd sent two of their three keepers out on loan. Tim Flowers and Simon Royce were both loaned to Manchester City during that time.
The players agreed to defer part of their wages until the end of the season.
Still this wasn't enough, so they did a deal with their creditors (the major one being the American pension fund that loaned them the money for their stadium), to restructure the debts. This seemed set to happen when the sacking of Dennis Wise came back to haunt them. Wise's friend and agent Eric Hall (who was owed money by the club) wouldn't agree to the debt restructuring, and instead went to the courts with a winding up order. This action effectively forced the club into administration, to protect themselves.
After a few months in administration a consortium of local businessmen took over the club, and took on most of the debts. Much of the massive debts reported at the time were football debts that had to be paid in full (things like the value of players contracts), and the stadium loan. Contrary to what you seem to think, the stadium loan was taken on in full by the new consortium.
The inland revenue did a deal with the club where if they were promoted they would pay more of the outstanding tax that was due, so by being promoted that season they paid more tax.
Those who suffered most were smaller local businesses who didn't receive a penny, and the people who lost their jobs.
Despite getting promoted at the end of that season, they weren't able to pay money for players so relied on free signings and loanees, so went straight back down. The debts they still had (mainly for the stadium) led to their longest period outside the top flight, including their only relegation to the third tier.