Not quite. Civil reorganization in Japan doesn't work in detail like Chapter 11 in the US. Here's an
overview of how it works in practice. In particular, the rights of creditors are different.
An important provision:
"The debtor’ management operates the firm and works out a Rehabilitation plan or liquidation, unless an interested party can prove management is incompetent. In a case where the debtor’s management is incompetent, Civil Rehabilitation Law provides the appointment of trustee." Proving that management is incompetent would not be difficult in this case. That's worth doing; that kicks Karpeles out and puts a trustee in.
Also, unlike Chapter 11 in the US, lawsuits against the company are not automatically stayed under civil reorganization. You can still sue.
Incidentally, the average time companies spend in civil rehabilitation is about half a year. But the usual case in Japan is that there's one big creditor, a "main bank". That's not the case here.