$VLRX An acquisition in the context of a bankruptcy is most likely of the assets of the debtor entity. What the debtor does with the proceeds of the sale will be set forth in the debtor’s plan of liquidation (or, in some cases, in a plan of “reorganization”). In all likelihood, the proceeds will not even be sufficient to pay creditors in full, let alone provide any distribution to shareholders. Shareholders reside at the bottom of the totem pole in bankruptcy.
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