nothing you linked says (1) they are considering bankruptcy (2) they HAVE to borrow $5 billion to stay in business. Borrowing money now while interest rates are at historical rates is just easy business decision, build up a cash hoard so you have a lot of options for the next few years. Disney has over $7b in literal cash in the bank so even if they draw $0 revenue -- impossible, they have reached over 50m D+ subs so thats hundreds of millions a month alone -- they can survive for years just spending what they already have in the bank.
That article you linked even goes on to mention Disney has access to nearly $17 billion in credit if they need. Literally every public company on the planet has billions in loans, better to make bets with other peoples money.
The real question is what does entertainment look like now in 3-4 years. Everyone just sorta assumed movies limp along and TV/streaming is a bigger and bigger market like video games, but now I don't think anyone really knows anymore.