That whole cancel statment is required to be in every chapter 11
That is not correct. Show me a Company that stated in their SEC filings that the stock WILL be cancelled when the Plan has been filed with the bankruptcy court (Which Quiksilver has done) that ended up being reversed. I can show you many companies that filed Chapter 11 and that statement was never made, since many Chapter 11 Plans do not call for the cancellation of the equity. Quiksilver's, though, DOES.
The stock WILL be cancelled and shareholders WILL be left with nothing.