sooner you sell better for you. Only hope for spykes will be Naked shorts if any exist, other than that going down to 2-3 cents.
If debt was not too high (maybe $100mil) then you could had chance someone paying more than $100mil and shareholders getting some money. But current debt, no one will pay $350mil so you can get something over a penny
We had hope when stock was $12 or even at $6, but when it was under $4, the probibility was too high to be in chp 11. We saw the bonds were trading with 80% discount. Writing was all over for at least 12-18 months here.
Only hope was( is - for new asset buyer) is additional possibly label if it ever works.