It wasn't in danger of bankruptcy then, let alone, in bankruptcy.
It's important to remember, this is in bankruptcy.
In most bankruptcies, equity ends up being cancelled. Do some research on public companies that have gone through chapter 11.
This is a trade, not a long term investment. Even if a company emerges from chapter 11, equity is cancelled 99% of the time, with new equity issued. On rare occasions, equity will get issued to the equity in bankruptcy, at a highly diluted conversion.
Careful folks. Keep up with filings, and the bankruptcy plan. It's vital information.
Understanding the process is also vital.An equity committee is usually appointed, when a possible outcome that doesn't wipe out equity could happen. This is still very early stages, and will all be given light through the court process, and filings.
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