Elaborating a bit on gator's post, in a normal business Chapter 11, the business carries on, pretty much as normal. With the exception that the business is in Chapter 11 for some sort of business reasons and the operations usually are tailored to address whatever business judgments or conditions got them in Chapter 11 in the first place. So, that can mean people are fired, certain business segments curtailed, etc.
What it is not is bankruptcy court imposed austerity, in most cases.
So, outside his personal bankruptcy, Jones had businesses and those businesses mostly get to operate "as usual" even if they are crazy, fucked up businesses, especially if they are still throwing off money.
The personal Chapter 11 is a different deal, though. And to avoid liquidation, he's going to need to find something substantial. And, I am surprised the court/US Trustee has allowed his profligate spending. The 85M settlement came at a cost to Jones, though, at 8.5M annually, substantially more than he proposes. And, you can be reasonably sure that the 85M is not some generous forgiveness, it's probably a realistic assessment of the cost and benefit of the plaintiffs trying to collect the entire judgment over a reasonable period of time. And, the liquidation in bankruptcy, kind of like executing judgments on assets, is not guaranteed to return more money to the plaintiffs, by any stretch.