The employees were left holding the bag anyway, since the company filed bankruptcy and won't be able to pay them. Literally no one won in this scenario. Probably the only people who won were the executives who can now get another CxO job at a company that can give bigger bonuses.
Typically the bankruptcy processes in many countries involve dissolving the company and paying out as many debtors as they can. The order typically goes: Legal obligations, contractual obligations, and investors. I.e. the Employees' severances get paid out first, the banks second, and the shareholders last.