3500 trained pilots and 200 aircraft are BOTH significant assets. But the 3500 pilots can't be sold absent buying the whole company. So you are really talking Chapter 11. Because bond holders must be made whole if possible.

And look at the Purdue Pharma case. A bankruptcy court is trying to grant the owners amnesty from even the owners civil liability for starting the opiate epidemic that is today causing 30 times the US fatalities ANNUALLY as 9/11 did once.

NK will never go Chapter 7 and unless the DOJ took it to the Supreme Court AND WON it would wind up with whoever made the best offer for it. The likelihood of that being F9 is EXTREMELY low.