You'll simply be handed another contract for your employment with the "new entity" airline which your old one becomes
If your airline survives and you hold onto your job you merely go back to onto your existing contract.
I dont think merely closing a solvent airline and making your employees redundant in order to re birth itself as doing the same thing with reduced T&Cs is that easy in this part of the world.
If it was Qantas would have already jumped at the opportunity during its 'terminal decline', or Air NZ after they went under following Ansett/9-11