It sounds like you’re confused and don’t understand the difference between a chapter 11 and chapter 7. Please read this that a recent poster added:
Chapter 7 vs. Chapter 11
Companies typically file for one of two types of bankruptcy protection under the federal tax code known as Chapter 7 or Chapter 11.
A Chapter 7 filing is the more nuclear option. It means that the company stops operating and all its assets are put up for sale by a court-appointed trustee, with the proceeds divvied up to the company’s debtors in order of the seniority of the debt.
A Chapter 11 filing means that the company may undergo reorganization and continue to operate. Still, a Chapter 11 doesn’t rule out the possibility of the sale. The entire company may be sold in what is called a Section 363 sale with the court’s approval. That is generally not a good thing for shareholders, as there is typically not enough cash left over from the sale to compensate stock investors.
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