STP is not going into bankruptcy right now, but they did default on $541mil of notes on Mar 15, so bondholders have the right to push them into involuntary bankruptcy at this point. 63% of bondholders have agreed to not do this until May. The other 37% can still do it.
However the few of the 37% does not yet know which court to go. In the meantime it will be May, and many surprises could be in place up to May 15.
Any good news could probably push stock up, maybe to about $2.00?