You are making my point. The bond holder's current stake is worth 30-cents on the dollar. Unless they are going to be okay with that, it behooves them to renegotiate the terms with the company so BK can be avoided. No bk court is going to award them a premium on their investment...plus you have the legal costs to those holders.
That's where an acquisition comes in as another option. One of the oil giants can pay a 50% premium to bondholders and the company and still make out big by sitting on the underlying assets.
That's why you are likely seeing pps recover nicely. Markets likely over-reacted not fully understanding ALL options available to the company.
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