The loan isn't due until December.
You're right, though, the money POWN usually gets for projects won't be enough. Although, we have never seen the type of money POWN gets when a movie actually goes into production. I would guess, if two or three movies actually start filming, POWN will get enough money to get out of the hole.
If it's a reorganization bankruptcy, the company forms a plan to pay off creditors and keep the business going. This typically means getting rid of the shareholders.
If you are talking about a liquidation bankruptcy, assets go to the highest bidder. Often it's the debt-holders that has the inside track, since they already have cash in the company. But, anyone can bid. I think if this were to occur, it would unlock value for the shareholders. Disney valued the company, 6.5 years ago, at $25 million (about 19 cents a share).
Edit
The 10Q mentioned some money saving things the company could do to stay in business, salary deference and laying people off. If the company were in danger of bankruptcy, I think the company would have started these measures by now.
