That's a very difficult question to answer without knowing more about what the goals were of the companies asking the question. It's always easier to have a bankruptcy, to close the doors and give up trying. The question is, if you've got an obligation to continue the work or if you feel you have an obligation to your shareholders and your employees, it's a different answer, but that's not a legal answer necessarily.
If somebody came to me and asked if they should close their doors or try to continue, there is the business answer and there is the practical answer. If you want to continue the business without throwing up your hands and saying that's the end of the history, it's easy to do the bankruptcy, but that's really a business decision and a political decision more than a legal one.