Bankruptcy comes in different flavors, and rather than a Chapter 7 liquidation, it's a "pre-packaged" Chapter 11 reorganization, according to Wikipedia's introd

Bankruptcy comes in different flavors, and rather than a Chapter 7 liquidation, it's a "pre-packaged" Chapter 11 reorganization, according to Wikipedia's introduction "Remington exited bankruptcy in May 2018, less than two months after filing for protection under Ch. 11 laws. Remington's quick exit from bankruptcy was due to a pre-approved restructuring plan that was supported by 97% of its creditors." All part of the game that got them into this mess in the first place.