Not only are structured bankruptcies of select cruise lines possible, they are probable. There is no more expedient way for a company to shed its unsecured obligations and, even, some secured debt through debt to equity conversion. However, filings would not all be in the US, and I have no idea if a filing occurs offshore how the local courts would deal with it. Should a US filing occur, most likely it will be a Chapter 11 restructuring with a prestructured deal already agreed to by secured creditors. Some bankruptcy debt would be arranged for and would become the most senior obligation.