New owner continue plan of bankrupt co.?

[John A]

Is there any guidance that specifically notes whether a new owner can or cannot continue a 401(k) plan of a bankrupt company?

A company goes bankrupt and so no further salary deferrals are made. A few months later, a new potential owner wants to buy the company and reactivate the 401(k) plan. Is there any reason the plan must be terminated? Is there any reason the new owner cannot simply reactivate the plan immediately after purchasing the company? The new potential owner does not own any other companies.

What steps are necessary to reactivate the plan?

Any cites would be appreciated.