You presume wrong. It just means they have convinced those creditors and the bankrupcy court judges that they will pay off more of their debts by trading than by liquidating, and that they have a suitable structure in place to achieve the plan they submitted to the courts. They are still hocked to the hilt and owe lots of people lots of money.
If companies had to relay all their debts before emerging from Chapter 11 protection, none would ever do so. In fact, it is often the case that they owe more when they emerge than when they entered Chapeter 11!