It's as simple as this.

1. In chapter 11, pensions are viewed as secured creditors.
2. The debt must be settled before a company can leave bankruptcy.
3. No commercial lender in the world is going to loan a company money to fund an underfunded pension. They mandate working captial work for the shareholders, not the employees.

Unless the feds agree to extend the ERISA funding period for the pensions....their gone.

Ugly times indeed.