Bankruptcy is not a "get out of debt free" card. The laws are very strict - unless ALL debtors and creditors are satisfied with 100% of what they are owed, equity holders (preferred and then common shareholders) get nothing. And surviving and being carried over to a new company would be illegal unless the other conditions and classes (debtors and creditors) are satisfied because it would be considered a payment to equity holders. And there is no chance of that happening here.
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