“55 percent of its debt would be eliminated”
Wrong. Those who are legitimately owed money would not get what is rightfully theirs. Suppliers and contractors are the ones who always get stiffed.
Bankruptcy is a way for them to get free money, by not paying what they owe.
Why rush to a digital format? 90% of what is in their papers comes from AP or the New York Times or other digital media that I have already read.