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These problem enterprises are notorious for having expensive cleanups and large lawsuits from the company's neighbors. Talk the rebuilding plan and get their alignment to it. The US trustee forms a lenders' committee. As you've likely guessed by right now, the bank card companies don't like Chapter 11 bankruptcy. The unsecured creditors and the owner should fend for themselves. Generally this offer will swing the deal for you. I think a small company plan is important to long-term economic success, but it is not practical for a turnabout. More importantly in a senior boss interview, you are discovering whether he or she is going to be a team player and contribute to the restructuring effort.