My understanding was that bankruptcy protection was similar to chapter 11 protection in the US, which allows for continued trading and restructuring. Is that not the case?

If it is the case, that is very different from just the connotations of "bankruptcy" which would be an admission that it is all over now.

(though I guess even if it is like chapter 11 it could well still all be over as they may never come up with a suitable plan)

Is it different in Japan?