<<<< What would happen if these companies went bankrupt? No electricity at all? >>>>
As a stockholder owned corporation they would be subject to the bankrupcy laws of the state just like any other corporation.
Right now they can't get any more credit and hence they can't spend money on power. They aren't likely to be forced into bankrupcy unless they signed contracts for fuel or power and they couldn't make the payments.
Other expenses include:
1. Long term contracts to purchase power
2. Salries
3. Interest on debt
4. Expenses such as contracts to perform services and maintenance.
If they did file for bankrupcy, a judge would decide how the creditors would be protected. Normally a re-organization plan would have to include submitting a plan to turn the company around, make money, pay off obligations and function long term. Of course, under the current scenerio these utilities couldn't possibly convince the creditors that this might occur. Normally, the judge would order liquidation. Of course, the polititions would step-in and demand to take over the operation of the utility. The creditors would oppose but the judge would probably have no political recourse than to comply with the states wishes.
Then the real fun begins -- let's see if the state can run the utility.