Companies with a net worth of over $400M don't go bankrupt, and it is ridiculous to suggest they'd even try it. Their creditors would object and have them tossed out on their heels from bankruptcy court.
They can re-organize all they want without court approval if they're still solvent.
I keep think things can't get more absurd...
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.