Bottom line: is Windstream worth more shut down and sold for assets (cars, etc.) or as an operating entity/entities?
I'd say at least some of the parts can make money, so they won't be liquidated.
Maybe Windstream will emerge as a single entity; the existing shareholders' stock will be canceled and the creditors will become new shareholders. Any new stock will be listed on the stock market. Any new stockholder who doesn't want to own stock in a telco can readily sell this new stock the day it starts trading.
Alternately, the parts that can make someone money will be sold to other companies. The remaining corporate shell will be liquidated (chapter 7, not chapter 11).
Either way: at least the ILEC is going to keep operating in one form or another as Windstream or as part of someone else. (I'm a worried ILEC customer - I don't know much about the CLEC operations)
Thought this was a good view on what could happen in the future. Repoted from @Y0FkDV1-zsv .