At this point, it makes the most sense to file CH11 now and start a planned slide into restructuring, ensuring the best possible outcome and odds for survival. Save the company, and as many jobs as you can.
They will not do that.
As bad as things are, life is still pretty good in the command bunker. The EC is paid well and treated like royalty. They go to their F1 races, and attend sporting events in skyboxes with vendors they will eventually default on their line of credit with. It's nice, they run things, and have a comfortable standard of living; it is ideal.
What is not ideal is giving up control, giving up the perks, giving up the excessive compensation to drive the company into a ditch.
Actually saving the company would require sacrifice from the EC. They have chosen not to do that. Instead, they attend F1 races, spend lavishly (on themselves) and run out the clock on a company that could be saved. The company is an end to their means - nothing else. Whatever happens will be a lot worse that it needed to be, because they want to go to one more race, sit in one more skybox for a hockey game, lord over you for one more day, before a mandated bankruptcy trustee reined them in, and put an end to it.
Remember that when they say WE have to make sacrifices, WE have to do difficult things. WE, isn't we, it's YOU.