Been there, done that. Ran a company under direction of a federal bankruptcy trustee. He taught me a lot.The smart decision is declare Chapter 11, reduce a lot of that debt, get it handled now, before it is too late.
His rule #1 was to file early on . The judge will let you keep more of the operation intact (and the money). Those that wait end up watching the scanvangers fight over their assets and have little $ or control left when it is all over.