I guess. Isn't it usually the case that if a company has sufficient tangible and intangible value and competition between interested bidders, that it gets bought normally; but if its value is substantially less than the total of its assets, debts, equity etc., then the few bidders will wait until a bankruptcy process eliminates a substantial part of the former debt and all the equity to leave a saleable core business, which can only happen in a bankruptcy proceeding anyway.
Something tells me that post-ZIRP we're going to see that happen a lot.