I'm not so sure I understand fully how it would work in Japan. I am pretty sure in the UK there is no middle ground, you either go pankrupt or you are solvent...
If it is the same as in Spain and many other countries, it is a different thing.
Basically it means the corporate is not bankrupt (not just yet) but it has a lack of liquidity that makes it impossible to fulfil its debts in the short term. It then gains some time to solve the liquidity problem (by selling some assets, recovering pending debts, etc) so that it can restart its normal operation... or not, and then it files definitive bankruptcy.