There is still $200 million in cash that the cooks already has a hand on. Paying themselves high salry and hire incompetent adviso.r to be benefited themselves. Petition to continue to operate. Whoever judge will grant it is insane or on its payroll.
Management proved to be incompetent and ask to continue. New owner or management should be in place to change course. The bondholder should take control of the company by exchanging debt to equity.
That is the most sensible decision a judge should make.