shares will be canceled in bankruptcy.
Company will no longer trade on Nasdaq
Company will eventually emerge from bk as a new company where they will sell shares to new shareholders.
I think you are right. You can't go into BK without defaulting first. Step 1, stop paying your bills. Step 2, BK.
First they defaulted on 27 million
Now they announce they are walking away from 2/3 of their leases.
Headed for BK. Not paying your lease, defaulting on loans, etc are all part of a pending BK.