Question if you hold short.

Hope someone can find the time to answer a question for which I have never had an answer or got my head fully around?

If you are holding a short position in a stock that goes bankrupt you lose right? Therefore in theory there should be a bounce at some point for even the sickest of companies because the shorters would all want to cover their position before the music stops & all the chairs are taken.

If this is indeed the case Glaucus will need to cover eventually right? So at some point there will be a heck of a bounce?

Is this right?