Announcing an impending bankruptcy has the potential to hasten it or, in some cases, cause it. Employees and customers are usually kept in the dark while management and investors know.

Pedant rant:

I take issue with ‘needs a lot of work’, though it is common phrasing. It promotes the false idea that ‘business is more efficient’ by making it sound like the public administrators are too dumb to know how to do their job.

The real issue, in most jurisdictions, is that it needs more and stable funding, and less political interference.