This could happen. If converted to a Chapter 11,( also known as "Debtor -in- Possession"), The Trustee could be deemed as "administrator" of the company, ( for a fee of course) :>). He would choose people to run the every day affairs of the company as company executives. During this period,(could be years) the company would be paying off non-dischargeable debts per a schecule called a "Plan of Arrangement"....in plain terms, a payment schedule.

At some later date, which could be years, if successful, the Trustee would petition the court to discharge the company from this condition. and the company would, hopefully, continue unfettered by the court.

There are many rules which the D.I.P. must adhere to. One importnt one being that the D.I.P. cannot run up any significant amount of debt. That makes sense. If that happens , the case is converted to a CHPTR 7 

Incidentally, the Trustee would hire a CPA to review the books. Makes sense.

I was familiar with this stuff in an earlier life. Details could have changed since then but the basic process should the same.

Good luck to all of you.