The owners are doctrinaire extreme Leftwingtards ~ they did it ~ mostly with other people’s money.
The company was mismanaged to the left, (like GM), and should have refused union demands (and made the necessary changes) long before the earlier bankruptcies, but the murder was done by the Bakers. All the management did was to enable them, admittedly with OPM. Investors who invest in crony capitalist enterprises are not investing in capitalism, and should be more careful.