Originally Posted by FriendlyPilot

The BK only has one major Creditor, who would likely fully control the process, unlike a bankruptcy where different creditors can vote. If the single creditor (that is owed $3B with $1.2B due in less than a year) isn't agreeing to change the terms of their debts out of bankruptcy, the court isn't going to magically wipe them out. Also these senior secured notes are "secured" by assets. The creditor can ask for their agreement to be honored, and the collateralized assets sold and the bonds paid including the future interest that would have been owed.

CH 11 isn't a do over. 60%-90% of companies that enter Chapter 11 bankruptcy never exit.