There is a likelihood that a businesses facing bankruptcy has net operating losses (NOLs).  These NOLs might be available to offset taxable income in not only current and future years but also past years to a limited extent. Understanding the value of the NOLs is relevant to a feasibility analysis in confirming a chapter 11 plan.  In addition, under stock sales, the NOLs might be able to be transferred to the purchaser.  You should consult with a tax expert to determine the impact NOLs have on your business and specific goals you seek to accomplish.