We're finding out right now that they are not very different at all. The dividend cut will be coming very soon. They other options are 1). selling the assets which nobody will anything for right now or 2). it'll be bankruptcy.
First look at the dividend. KMI (another pipeline company in a similar financial position)) lowered their dividend by 75% a few days ago. They have a pile of debt and a payout ratio of 350%. That means their dividend payments were 3 1/2 times more than their cash flow. The only to make the dividend payments is to borrow more money. Rating agency threaten to lower their credit rating which would have resulted in higher payments on their debt. KMI was stuck with basically selling assets or reducing their dividend. They reduced their dividend.
Now the bad news. ETP's payout ratio is 750%. A whole worse than KMI's. ETP will have to reduce their dividend very soon and it'll be more like by 80-90% or outright suspension.
Even without the dividend payment they are moving closer to not having enough cash flow to make the interest payments on their debt. If that happens ETP could go to zero or likely bought by some VC for pennies. BTW, interests rates may up next week which adds more pressure.
Denial of the facts will only get you ina deeper hole.