The "fresh start" opportunity provided by Chapter 11 must be managed with expert financial advisors adept in quickly and credibly assessing the current situation, economic foundations of the debtor, and finanical strategy.  The immediate goal is to find an achieveable cash flow foothold sufficient to provide Debtor in Possession financing, the lifeblood of the business.  Often this financing is provided by the prior senior asset based lender, provided a credible cash flow plan is presented by a credible team.  This "fresh start" requires a fresh approach with credible financial advice, confidently working with equally capable banking representatives.
Organizations that have a profitable track record, albeit not recently, have the greatest likelihood of a successful Chapter 11 reorganization.   Suchorganizations must quickly evaluate diffences between "then and now".  What happened?  Did the company grow to quickly?  Can the company return to its previous profitable base?  Simply put, the financial advisor identifies and returns the business to its economic foundations.  These assessments often require critical evaluation of prior management decisions, and decisive actions to return to a profitable base. 
Most often, Chapter 11 results in an exit by business sale.  Business owners should understand this reality: Chapter 11 most often results in a business sale, and a liquidating plan.  Because of this, owners desiring to continue ownership should take all necessary steps to achieve financial stability during workout activities, prior to considering a Chapter 11 filing.  Either approach, workout or Chapter 11, requires focused expert financial advice. 
If chosen, Chapter 11 provides protection from creditor collection activities, and engages the legal processes of disclosure, notice and hearing, run by capable bankruptcy attorneys.  However, bankruptcy attorneys need capable financial advisors to quickly present a credible cash flow plan.  Otherwise, the case could spiral towards a Trustee led Chapter 7 liquidation.  Effective financial advice during this critical "fresh start" phase can provide a strategic path to a "win/win" solution in Chapter 11, effectively communicated to creditor committee, post-petition lenders and the Bankruptcy Court.  The system works, and those grasping the opportunities within workout or Chapter 11 situations will prevail.