Indiana State pension funds who held Chrysler bonds tried the lawsuit approach and lost. This was done by (then State Treasurer, now Senate candidate) Richard Mourdock:
http://en.wikipedia.org/wiki/Indiana_State_Police_Pension_Trust_v._Chrysler
Oddly enough, in a slip opinion dated December 14, 2009, the Supreme Court ended up vacating the Bankruptcy Court ruling, giving the bondholders a legal victory, but no money.