"What you say is true only in the case of an actual "liquidation" (or pennies on the dollar for some assets only), but all clues are pointing to this not being the case here"
a) PWC refers to it as a liquidation b) the Court filings refer to it as a liquidation c) they are ONLY selling the assets and using the money to pay off some creditors (definition of "liquidation") d) and the assets are being sold for pennies on the dollar...which (as you say) is usually what happens in a liquidation