AMD won't go bankrupt in my opinion. Not as long as Sony and Microsoft need them for their consoles. I guess they'll pay the chip prices needed to keep AMD alive.
There are probably terms in the business agreement that if AMD goes out of business that all design data, mask sets, test hardware, and test programs revert to the console guys along with necessary cross licensing/IP rights to use the silicon they enable. Intel may have a different opinion about the latter but I am sure $$$ could smooth that over. :-)
I was not thinking of extreme consequences like bankruptcy. It is a slow death. As far as I remember AMD is not making insignificant money on APUs sold to MSFT/SNY. Any decline in sales of these consoles(which is happening)is going to put additional pressure on AMD.