As far as I understand they wanted to restructure but they are not being allowed to by the court. The first line[1] in the doc essentially says this. This happens when the court doesn't think there is hope for rehab, which is not surprising in Mt.Gox case.
[1] "At 5 p.m. on April 24, 2014, the Tokyo Distri
ct Court issued an order of commencement of
the bankruptcy proceedings for MtGox Co.,
Ltd."
As far as I understand they wanted to restructure but they are not being allowed to by the court. The first line[1] in the doc essentially says this. This happens when the court doesn't think there is hope for rehab, which is not surprising in Mt.Gox case.
[1] "At 5 p.m. on April 24, 2014, the Tokyo Distri ct Court issued an order of commencement of the bankruptcy proceedings for MtGox Co., Ltd."