[TheCoelacanth]

> Wouldn't that be simpler with a general bankruptcy? What is gained when a third party, often encumbered with leverage, gets involved?

A bankruptcy is getting a third party (a court) involved to redistribute ownership or sell off assets and redistribute the proceeds and to decide how the company will be run while all of that is happening.

That is a good deal more complicated than simply selling the company to someone who wants to run it differently.