Of course we "should start planning" by the end of summer. We should start planning now. We should have been planning for the last several boom years.

Its asinine to think the mediator and NMB will be defacto BK judges worrying about pennies on the dollar to select creditors by granting an impasse after less than a year. That's pure fantasy and will not happen. And even if it did, imposing a contract in a liquidation environment will do absolutely nothing to stave off the pending liquidation in the first place. Do you think the company thinks the mediator thinks the NMB will think that, but for a few days or weeks of additional liquidity this would all be solved?

Empty threat. Call their bluff. Shut it down.