One can be bankrupt and still conducting business. The business can be producing positive cashflow, just not enough to meet debt obligations after operating expenses.

This is a shame, I am sympathetic to unionized PRIVATE employees. We should tell WTO to take a hike, so we can protect unionized jobs like these.

WTO doesn't threaten unionized PUBLIC employees because their work generally cannot be outsourced. Yet, in a cruel twist, unionized public employees are a horrible perversion of the collective bargaining concept, because the public has no option to go bankrupt, it must just sit there and pay.