Yep, pretty much. PE Owners get rich(er), debtholders get wrecked, employees lose their jobs, any assets (pension contributions etc) are given to the debtholders. The company will likely continue to exist and Instant Pots will still be made/sold, but with a much smaller footprint in the future.

The linked article talks to management about how unsustainable the $500 million in debt is without noting that it was half of that amount until these jokers took out loans worth $450M to gave themselves $250M.