Most likely will depend on a whole host of factors that we have no detailed knowledge of as yet, namely the creditor split both in terms of the type of debt and the amounts involved, how desperate they are to be repaid, how convinced they are of their future plans (some of which may still be confidential) and the timetable for returning back into profit if everything goes to plan.
On the plus side is support from Paul Wright and Val Kaye which crucially hasn't happened yet, so what you're seeing now is essentially the old regime soldiering on as best it can whilst waiting for further input. On the minus side, someone pointed out that a CVA didn't stop the liquidation of Blacks, Focus DIY or JJB Sports, so it's a high-risk option unless the fundamentals are sound.