I am no expert but if the leaves still look healthy I would think there is certainly a chance of recovery.
I have both saved and killed orchids (and 2 phals come to mind) trying to save them in s/h. The sphag and bag thing NEVER works for me so I might as well try s/h. One I did save and it has about 4-5 new roots now. Another which was a NOID that I dearly loved died but I tortured it first by trying bark and sphag, neither of which worked.
It really hurts to lose the ones you love but a great excuse to go buy something new to make yourself feel better.