extremely unlikely considering the value of the assets already deployed in space. One scenario is a debtor-in-possession arrangement via bankruptcy court.
Another thing that could happen is something like what happened to the first Iridium corporation's bankruptcy, where a group of investors formed a "new" Iridium corporation and stepped in, via the bankruptcy court, to take it over. Google "iridium bankruptcy" for more details. Also this book:
https://www.amazon.com/Eccentric-Orbits-Iridium-John-Bloom/d...
https://www.amazon.com/Eccentric-Orbits-Iridium-John-Bloom/d...
https://www.amazon.com/Eccentric-Orbits-Iridium-John-Bloom/d...
https://www.amazon.com/Eccentric-Orbits-Iridium-John-Bloom/d...