Solutia is an example of a company going bankrupt and existing equity holders getting part of the new company with warrants. They went BK in 2003 and it took 5 years to deal with their legacy environmental exposures. They emerged in 2008 with old equity holders getting 1% of the new shares and warrants for 17% additional at a discount. Shares started to trade around $6/share. Eastman Chemical bought out Solutia in 2012 for about $28/share. I doubt the original holder got back to whole.