What about a "Pre-Pack"? Not an an accountant but, as I understand it, the company and its existing or new shareholders decide on a new business plan using some or all of the company's existing assets, decide on new contracts to be offered to those employees it wishes to retain and, when everything's agreed, enters into /emerges from Administration having shed assets, labour and contracts that don't work and, possibly, rescheduled debt too. Presumably it could address the pension deficit too?