How to navigate a corporate take over?

A company I consulted for last year reached out in desperation. Basically, the way things ended was they were hitting a cash crunch and I offered to take a reduced salary for equity. The CEO declined and listened to the people I was warning him not to listen to. Now, they're all gone. The only thing left is a million dollar saas company with no engineers and 1 CEO. The debt is almost half a million and the payments are preventing any opportunity for growth. He's basically treading water until one of the big customers leave. But... I do like the space and the relationships are not easy to get for SaaS sales. I am an in a unique place because I have the money to invest and already know their code. They want me to be CTO and help save the company. He knows he has to bring in investors and while I'm ready to invest, I don't have enough to do what I really want to do. This guy needs to go as CEO. He should 100% still be director of sales and product, but he's not a CEO. I have enough money to keep us a float, but I'm not willing to make that investment if he's going to remain as CEO. My thinking is to bring in a larger investor than me that will 'do the dirty work' because at the end of the day there is a good business here. I think if we can get rid of the debt and the CEO, this could be closer to a hundred million dollar company. I'm going to start talking to my network of investors because I think this is a great investment for pennies on the dollar if we can get rid of the CEO but let me know what you think. Have you ever been involved in something like this?