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I read on another site, that they owe Erika Slezak $205,000 and other members of the entertainment industry are also owed unspecified amounts. Seems to me, the bankruptcy is not only because of their litigation costs, but also to keep their asses from being sued by those they owe money to that are backed by unions.

And I'm with you, Grandpa...I'm sick to death of the 'mega soap' conspiracy theory. PP bit of more than they could chew and were drowning from the beginning and didn't want to admit it so they decided to sue ABC to get some money thinking that ABC would just settle...except it didn't work that way.
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PP files for bankruptcy · AMC & OLTL: Discussion