Well there is a list of who gets paid first when a biz winds up. Secured creditors (banks) are first, then non-secured creditors, then equity holders. Sometimes it makes more sense to restructure debts or raise money if the company has some hope of being viable in the near future (e.g. GCY). If something is royally stuffed, assets just get liquidated. These are general comments only and I'm not an expert in this field.
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