Why might it make sense to buy bonds in a company facing restructuring?
There are experts in distressed debt. They buy the debt at a deep discount to face value, with the belief that the salvage value is greater than what they paid.
To do this successfully, knowledge of how bankruptcy works is required. Different types of debt have different priorities in bankruptcy. In most cases, bonds are deeply subordinated, and so often have extremely low recovery rates versus senior debtors.