Bankruptcy doesn't mean that assets will be destroyed. Valuable assets (including satellites, brand etc.) will be sold off to new owners, and the proceeds go to the lenders.
It's the same thing that happened with the GM's 2009 bankruptcy. Technically the original company was liquidated, but you'd never know as a customer.
A family member made a big short bet on Iridium after he decided they couldn't survive and made a lot of money.