I’ve seen something similar to this with republic back in 2016. Company was refusing to give a contract forever and ten days and then declared ch 11. Stocks/shares dropped overnight and they eventually were delisted from NASDAQ, too.
The debt that RAH had ran up was discharged and negated so the company was able to start showing profit margins in the black again. Then, the new contract was announced as a “Last, best, final offer” (take it or leave it) type thing.
Also, I don’t think furloughs are coming. If the company has or does stop hiring, it might be due to having no LCA’s available to get people signed off and flying the line.
Then again, I could very well be wrong. Guess time will tell.