Bankruptcy destroys value. It almost always costs jobs. Management spends endless hours on litigation and settlement talks. Stock price goes to zero, including the often sizable piece owned by management.

A newly emerged company is highly unlikely to be able to sell new debt, or will only obtain other financing at very high rates, if at all.

in the UK, if a company is declared bankrupt, it's directors are too. And in the UK a bankrupt Director cant be the Director of another company for 5 years. So they are fighting more for their own career than the companies life.

not sure about other countries in the world though ...

Would you be happy for everyone around you to have the final say on what,how much and when you could spend your money? That`s what companies try to avoid.

If a publicly traded company can file for a bankruptcy, and then re-emerge to get new long term debt, why do they try so hard to fight until the end?

Take Eastman Kodak just as an example. If the company can file for bankruptcy, the re-organize and obtain long term debt as a new company, why do they try so hard to prevent bankruptcy?

Thanks