Eddie Bauer Holdings (fka EBHIQ)

[temp luvs amy]

That would be a Chapter 7 liquidation. In Chapter 11, a company can reorganize and restructure, but most of the restructuring deals are handled by kleptocrats and lawyers, and shareholders are usually just an afterthought. It sometimes appeases the judge when new shares are issued to pay the remaining creditors. It really depends on the court.