What if outstanding defect count is high and software production push date is near?

My this article is in response to a linkedin question "What to do when we are out of time, application is not bug free and tomorrow its going for production?"

Here are my thoughts on this:
1. Make a list of all open defects and share across all key stakeholders like Requirement Owner (PO, Business Analyst), Dev Lead, Dev Manager, Test Lead, Test Manager, Delivery Manager (stakeholders may vary.. depends on your project)

2. Schedule a defect triage meeting to prioritize all defects in following categories -

Category A: Issues which must be fixed. Software cant be released without that.
Category B: high-priority Issues that should be included in the solution if it is possible
Category C: Issues which is considered desirable but not necessary
Category D: Defects which will not be fixed (issues which does not generate any value addition to the software)