Unsecured creditors...so they probably were not going to get squat under the acquisition plan and are not owed anything if the company liquidates. So the Management plan was the only way for them to recover any money. Kind of a dumb article.
However, Delta's plan doesn't sound very good for the creditors - $.60 per dollar owed, in equity (stock). I'd take the case USAirways is offering. Successfully dumping their pension plan on the US taxpayers does help Glad I'm here to help.