Bankruptcy process already involves identifying and administering the company's assets, so releasing the server software (as-is) to owners of the game could be part of that.
The most likely outcome is that some PE firm would buy the software rights out of bankruptcy and figure out how to bleed money out of people that want to continue using that software.
Would it, if legally required at the point of sale of the good the source code is based on and utilizes? I doubt creditors claiming ignorance of state law works well as a defense.
Performance under existing contracts is still required to shutdown. The mechanisms for getting around contract performance without bankruptcy essentially require handing control of the company to the contractual counter-parties.