Remove debt as part of the Merger and Acquisition plan, without destroying the inherit value of the business itself. No business interruption, no loss of goodwill. Turn businesses that may not be marketable because of debt into businesses that are stars without its debt.
No bankruptcy, no legal process, remove secured debt, unsecured debt, any debt at all. Illiminate law suits, tax liens, whatever impediment may be blocking the sale or merger. Workout personal guaranties after the business is cleaned up. Reduce mortgages to the current value of the real estate. Do all this and then do your merger or acquisition.
Second Wind has been doing this for years, Don Todrin has been doing this for decades.