It is improper for the creditors--secured or otherwise--to involve themselves in direct operations of the bankrupt company (which talking with outside parties about a merger/purchase of the bk co. would be) unless the court has given them direct oversight. This usually happens only if the company management has taken previous action which is a serious detriment to the interests of the secured creditors--like owing $5 million and granting $6 million in exec bonusses. Even then, the creditors would probably have to petition the court for this oversight. Technically, they have this oversight, but it's once removed with the bk judge in between the creditors and the company. They can object to mgt. actions, but da judge has the final say.
To be fair, you may be quite right in NWA reducing pay even further. this is all uncharted waters here, and only a fool would believe they cannot be replaced..with, or with out a union. If and when that happens, there wil be a threshold reached that, at least from the contractor side, will result in tool boxes being loaded, 2 or 3 phone calls made, and, probably within an hour or two, a movement to the next contract. No harm, no foul, call me when you can afford me. I wont hold it against them one way or the other.
