[ativzzz]

Sure, but what about the people who will have disrupted or potentially no internet access/support while the market is sorting itself out?

If your plan is to be carried out, then there is ripe opportunity for a politician to come to these areas an say, "vote for me, I will protect your internet access" and then fight for the funding instead.

[nevdka]

Treat it like any other utility - it continues to run, just without servicing its debts. Most of the expense is paying for capital. Stop that (because bankruptcy) and the ISP can be profitable, and sold to whoever pays the most.