Sure. They could instead split the company and dump all of the poorly performing assets and debt into the split off company and on the bond holders.
https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy
https://www.businessinsider.com/corizon-health-bankruptcy-ye...
> If successful, Corizon's Two-Step would avoid a much wider range of liabilities than previous companies who've used it — not just injury lawsuits, like J&J, but the routine debts to vendors that companies rack up every day. If the company succeeds, it provides a "roadmap for eliminating virtually any unsecured liability owed by any corporate entity, regardless of whether that entity is solvent," Ian Cross, a Michigan civil-rights attorney who represents multiple prisoners who have sued Corizon, wrote in a procedural objection in April.
or do a leveraged buyout in which: https://www.investopedia.com/articles/markets/111015/10-most...
> The goal of leveraged buyouts is to make a large acquisition without committing much capital investment.
