If it's loose the guides are toast, replace the timing chain and tensioner along with the sprockets

 

Would be wise to put a scope in thru the spark plug holes to eyeball the valves to ensure they are not bent, before just replacing the chain/guides etc..

 

Then might as well be absolute and remove the cylinder head, then head gasket will need changed

 

A short time ago I pick up a 04 sunfire with a 2.2 ecotech. The chain jumped time on start up.

I was able to get it up and running just by installing the chain,guides and tensioner.

I was able to confirm my valves were ok by doing a leak test. Using a compression tester whip hose hooked up to my compressor with the shader valve removed from the hose.

I was able to manually turn the engine to find that the valves would close and hold psi. Enough to rotated the engine slightly.

Even though it had jumped time at some point when turning the engine over the intake and exhaust valve would be closed.

With this test I could confirm that once I get it back in time that it would run.

How well it will run is the gamble. In my case it runs great and is alive and well.