This kind of filing occurs all the time - it work like this - Form NewCo with different shareholder structure - contribute non pledged assets to NewCo from OldCo - begin operation of NewCo. All debt and liabilities remain with Oldco - wait 6+ months file Chapter 11 on OldCo and force creditors to the table to either accept a debt cram down or force a chapter 7 liquidation of all the remaining listed assets. Worst case scenario the bankruptcy judge throws out the bankruptcy plan and off to court everybody goes – and I will tell you it’s a long way from the courts to the Bank when there are no assets remaining to cover a judgement. In the end nobody is made whole and in 8 years all is forgotten. Bankruptcy is nothing more than a tool of business survival.