Don't doubt the current MEC is not nearly as JO friendly as the last one, however if JO needs to low ball the price for US and thinks concessions are the way to get it, he could motion to throw out the contract in BK court.
Not saying the pilot group would support or like that move or talk of concessions, but JO does have the option of making a 'smooth' bankruptcy turn ugly fast.
Time will tell I will say, however if their CBA was assumed, can they go back and go after labor?
JO does not control anything, the creditors commitee does.