Liquidation in any form is very painful. Any intangible value in the business name, tradenames, image, goodwill, etc. would not be recovered from liquidation. Too much money would be left on the table for Greenway to take this route. Those interested in the business as an ongoing concern would hopefully value the business more highly for its intangible assets and raise the bid. Takeover by another investor group might become a possibility.
Bankruptcy seems unlikely.
They have already made a valiant attempt to raise from the ashes and failed. Greenway wants out. Just closing the doors and walking away leaves money on the table. Greenway want everything they can get on the way out. 22nd bankruptcy now seems more probable.