Ya know, truly anything is "possible". The creditors, fearing a worse outcome in BK court and both sides knowing how many assets the lawyers drain in any BK process can negotiate sweetheart financing deals if they believe it's in their ultimate interest long term to accept some sort of merger deal, but that deal is going to have to accompany a pretty convincing, profitable business plan.

It's hard for the creditors to accept less though without the actual BK court ordering it because they have investors and BOD's to answer to as well.