It is a very common outcome in these Chapter 11 re-orgs. Creditors get a huge chunk of the equity ownership of the company, and the very best that the "old" shareholders can hope for is they get the bejeebers diluted out of them. More often than not, the equity given to the creditors is new stock, and it also allows the company to raise capital by selling the new stock.
It's why it's very important to watch your investments closely if they seem to be teetering towards bankruptcy, and to stay far far away from the stock of companies already in it. And I don't care how much social media was able to pump this stock off its previous bottom, this was never a worthwhile investment since the bankruptcy was filed.
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