I think we've all learned the hard way over the last couple decades.
Do what you gotta do on a TEMPORARY basis to get through (but be careful, if they file BK then your temp concessions will likely be your starting point for further cuts from the judge). May be better to take reduced hours than reduced rates.
Slow-roll regular contract negotiations in the meantime. Insist of full backpay for all reduced lines, VLOA, etc on the COVID is done... that should hold 'em at bay for a while.