One thing that's fact is the lessors are being "kept whole"... they own the planes and can take them back anytime lease conditions aren't met. The court cannot change that. BK might get you out of debt, but it doesn't mean you get to keep other people's stuff without paying for it... lessor owns the planes, not NK or the judge.

If NK (or a merged entity) can't or won't make paymants those planes will be available for lease on the market in short order. If the market is hot, the lessor will have little interest in negotiating better terms for NK, and they don't have to. They can just walk, and take their planes with them.