The Onion's bid is the one where the creditors are applying their debt. The competing offer is more cash. The whole point of bankruptcy is that the creditors d

The Onion's bid is the one where the creditors are applying their debt. The competing offer is more cash. The whole point of bankruptcy is that the creditors do not get to vote and the solution that makes the majority happy isn't the best one. In an ideal bankruptcy everyone recovers the same percentage of their debt.