TL;DR:
Xerox owes more than it is worth, so in a sale the lenders get the money and probably the company, the lawyers get paid either way, and shareholders get nothing.
Buyers would want the customers, the service contracts and the techs, not headquarters.
If you have a Xerox pension or retiree medical, find out now what is actually guaranteed, because not all of it is.
The company owes way more than it is worth, and the stock is now gambling at a table where the lenders are the house.
So who would be interested?
Most likely the lenders themselves. The people Xerox owes money to swap their loans for the company, and some of them may not even want it. But if enough of them vote yes, the rest get dragged along anyway.
Then you have got the Japanese rivals like Canon, Ricoh, Konica Minolta and... not Fujifilm, exiting the business (as we know it). They do not want the whole thing, just the good bits, meaning the customers, the service contracts and the production printers.
Vulture funds would happily buy it cheap, cut it to the bone and milk the service contracts for years.
And nobody else.
As for who gets paid, it is lenders first, lawyers always and shareholders never. Your stock and RSUs are not worth the paper they are printed on.
Who would they keep?
The techs who fix the machines and the people who bring in contract money. Not headquarters, not extra managers, and definitely not anyone whose job is PowerPoint.
Now the part people should really think about, which is pensions...
A buyer would probably take over some of the plans, especially outside the US, where the law tends to make pensions travel with the business.
The US plans are a different story. They could be handed over to the government pension insurer, the PBGC. It does pay out, but only up to a legal cap, so people with bigger pensions or who retired early could see less than they were promised. If you are already retired you are usually in the safest spot, while people still working are more likely to see their plan frozen, meaning you keep what you have earned so far but stop building more.
And retiree medical is the one nobody talks about. The government insurer does not cover it at all, so it is usually the first thing to get cut. If you have a pension or retiree health coverage with Xerox, now is a good time to find out exactly which plan you are in and what it actually guarantees.
None of this happens tomorrow, but the clock is ticking.