They need to get rid of the nepotism at the top before they can go forward. College roommates shouldn't be running the place. It's not a frat house!
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Chapter 11 doesn’t eliminate debt. It only restructures (schedules) payment. Ch 11 would not make APA any more attractive. If the gov throws Hz shale a bail out bone, APA might make it. If APA does survive, hopefully it will go forward with better practices. Lessons learned?? Hopefully so.
I've said this many times and still believe it: No one that can afford Apache is dumb enough to buy Apache.
With all the debt. Doubtful
My guess is Chapter 11 to restructure/eliminate debt, then sale of company or liquidation of assets.
I think a bigger fear is to not be wanted or Ch11
Fear mongering