Just as a general thought Bankruptcy has many uses:
Although the general public bankruptcy equates it to poor management, etc.., to AP's in the business world, bankruptcy would be considered another tool in the shed (although not a reusable resource and as a last resort).
The management could be top tier but bad business decisions, economic's, etc. may have hampered the best of planning.
Now they have the chance to renegotiate contracts, renegotiations or relief of debt, and more. Who knows maybe in the future they will able to offer additional services that improve on there routes.
How many times has the Trump name been associated with filing for bankcruptcy protection but meanwhile "Donald" is not living on the street.
Someone (the public eventually) ends up paying the price for bankcruptcy's but at least we, we meaning every citizen, has the option available to us instead of a firing squad.
BJC