Linn is not dying. The company will continue after the Bankruptcy Plan is approved. Business-wise, nothing changes. The difference is that it will be owned 100% by current creditors, and old unit holders are getting wiped out.
That is how Chapter 11 Bankruptcy works. Old holders get nothing because there is no money or assets to give them. Common equity is LAST in line, and only get what is left after all debtors and creditors are paid in full what they are owed. Linn is billions short of being able to do that, which is why current unit holders are being wiped out.
The 10-Q filed this afternoon is very clear:
"All existing equity interests of the Company will be extinguished without recovery."
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