Maybe! Bear in mind that this is a rather swift process. Finding people who are both capable of and willing to take on this sort of project is not easy. Even if they could be found, they are not likely to have deep knowledge of the internal structure of the company, which is (ironically) critical given that the company is restructuring.

So, perverse as it seems, existing talent with explicitly-performance-linked compensation is often the least worst choice during a wind-down.

It's bankruptcy. It's a failing company. It's ugly. Theoretically these folks are making a lot less than they would have had the company not failed.