If I represented the bond holders I would advise liquidation, as that is the most reasonable chance to get any return.
Bondholders rank quite highly in terms of who gets paid in a liquidation; the government in its various guises ranks no. 1, subordinated creditors no. 2, subordinated bondholders no. 3 and bondholders no. 4. These groups will probably get a fair whack of cash; the others (especially employees and shareholders) will get bugger all.
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