Yes the stock value indicates only...

1. The perceived value of the stock itself as an investment. If the stock is potentially getting wiped out in BK (being unsecured), it could trade near zero. Even if the company still has value to other people (secured creditors, or possibly a buyer arranged through BK proceedings).

2. The risk and hassle a buyer would assume by trying to acquire the company on the open market so as to access the actual value (assets minus debt). Right now the risk (and hassle) would be high, although a purchase could be arranged under the auspices of the BK court. Transactions made, or obligations incurred, AFTER BK is filed cannot be discharged in that proceeding.