Bankruptcy law typically trumps virtually all other laws, with not much to guide the court's discretion.
International bankruptcies are even weirder. In this case, US bankruptcy law has the power to intervene in ongoing bankruptcy proceedings in Hong Kong, Cayman's, etc.
Bankruptcy law protects debt-holders and the company, but not other stakeholders. As far as I know under US law the court has no basis to change anything for reasons of economic policy or impact. If the Hong Kong court pushes mainland Chinese interests, it's unclear to me how the other courts would respond.
Further, the due diligence required to qualify debts and debt-holders could uncover some unsettling relationships. I can imagine China viewing US bankruptcy discovery as an fishing expedition for intelligence.
Huge amounts, even larger consequences, and super-power competition would make this difficult even if the law were programmatic, but here so much depends on the court's discretion, and the court itself is the finder of fact. ("So much depends/on the red wheel barrow"?)
In the US we're lucky that these proceedings are mostly in the open and on the record (albeit sometimes only to record the results of debt-holder negotiations).