The loan holders get their say in the bankruptcy process. In fact they have first say.
It all comes down the the judge saying "hey banks, you will never get your money paid back, what option to get some of it back do you want us to take. Options are the company doesn't pay for a few months while they make some changes, and then continue paying off their loans, or the company is sold and the bank gets the proceeds of the sale - one common variation of the latter is the bank gets ownership of the company to run as they see fit. Again, the bank gets first say, though the company will make proposals, and the judge will force things.
Of course in the real world it isn't one bank, it is hundreds of banks and bond holders each who want their say, and there are contracts saying what say each party has. The judge is just there it get all of them into court and come up with an agreement that as many can accept as possible. Sometimes that means the judge says to one bank you want X, but everyone else wants Y so you lose. Bankruptcy is common enough that judges (and any bank) understands how to deal with it and the rules are common.