Vendors need business just as badly as you do. They can understand that you have no resources to pay old invoices. However if you're going to buy any new unit(s) then why shouldn't they be from that vendor? In fact you're doing them a favor not buying from someone new. They get to make that fresh margin.

Now the terms on which new material is shipped can vary greatly. But even the worst one is deposit and cash paid on delvery. Why not get deposits from your customers. It isn't the end of the world. And payment on delivery too. Give them a great discount!

Staying in business is an opportunity and a responsibility. And people depend on you for their livings. Cost reductions protect those that remain and fight the good fight. When the business was good everyone was making money. It will that way again. Making it to the future is the point.

Determine the real revenues, and the collections from them and the expenses you need to pay to do just that amount of business. You've got to design a method that is cash breakeven. It's there. Don't believe there's mandatory costs. Cut until the cash flow is breakeven. And don't kid your self on how tough new sales will be. Forecast so you can beat it.

Get rid of anything. Converting assets into cash is a key element of moving the business forward. Don't do stupid things but be aggressive. Important inventory that's hard to get will be impossible to get after you file bankruptcy. So sell it now.

Deep discount everything. And couple it with aggressive terms - for immediate payment. Or provide cash discounts to reliable and good paying open accounts to get them to pay early...