What would have to happen is an injection of capital to fund continuing operations. Investors would have to believe that there’s a big payoff given the substant

What would have to happen is an injection of capital to fund continuing operations. Investors would have to believe that there’s a big payoff given the substantial risks. VC money might be completely off the table at this point as there’s no 20x exit dream to sell, just a turnaround and steady recovery. Selling the company outright would be priced relative the company’s post-bankruptcy value: Buyers could just wait for the company to die. The most generous investors would have something to loose, perhaps a key customer has come critical operation that would be disrupted. You might be better off going in post bankruptcy as well.