I cannot opine on bankruptcy in Canada, as I do not know their laws, but under US law it can be a highly unpredictable process, unless the creditors agree to the company's plan.

There could be a wide range of outcomes, many not good for common shareholders. Your thinking would be a best case scenario that would be somewhat unlikely IMO. More likely, the bondholders would get some (or all) of the company. Nobody would want a liquidation though, as that could threaten the viability of the arbitration.