I have a stupid question about corporate chapter 11?

I've always wondered why when a company files for banruptcy protection but plans on staying in business does the company never satisfy former shareholders by giving their often worthless shares shares in the new company. I understand loans & creditors get first dibs on anything but again if the company plans on coming out of it why not give shareholders part of the new company even if it's a small part with the bulk going to those it owed money to thus paying their debt through IPO or something like that. Just seems like a big middle finger to shareholders to just write off their ownership or loyalty yet when the company comes out of it insiders who may have been a big part of why it went bankrupt get some. Seems only fair that creditors & shareholders gets something especially over those who might have been a cause. If the company was going out of business I could see why shareholders wouldnt get anything but if it plans on coming back why stick it to shareholders?