Insp89,
I've been through 2 airline bankruptcies before and have seen how the process works. If UA files for Chapter 11, the creditor's committee and the judge are going to gain complete control over the company and the decision-making. The company will be allotted time to petition the court for changes to the labor contracts that will enable the business plan to succeed when the airline emerges from Chapter 11. Labor will have very little, if any, say in the matter. If the unions at UA are willing to roll the dice and take their chances in that setting, I wish them luck. Because airline bankruptcies in the past have not been very kind to labor. You are much better off negotiating a deal outside of bankruptcy. Keep in mind that UA has the highest costs in the industry. How do you think a judge is going to rule with regards to pay/work rule cuts, given that? Is it a guarantee? No, but I'd be willing to bet the company at the very least would get what they're asking for outside of bankruptcy.
Also keep in mind that the primary objective of the bankruptcy court is acting in the best interests of the primary creditors and shareholders. Employees are often the last priority. So don't delude yourself into thinking the judge will act with your best interests at heart. You'll probably be in for quite a surprise. We should all do the wise thing and not let it get to that point. We can still control our destiny, provided all parties are willing, which to this point, hasn't been the case.