I just don't see the advantage of a bankruptcy here. They are expensive. You can accomplish the same goals without a bankruptcy when both parties are cooperating and there are so few of them.
1. Dividends have stopped. 2 Asset sales are happenning and the proceeds are going to debt repayments
3. they said they agreed to quite buying the public debt so banks are getting the money
4. What do you get with a BK? High legal fees. The court has to approve every move. All payments to lenders stop until it is sorted out. Bank has to take a reserve to earnings for the loans. I think flexibility to operate means a slow down in the aggressive repayment schedule and an available line of credit. It could mean converting some debt to equity but someone mentioned there might be a restriction in the ability to issue stock at less than NAV. I haven't checked on that.