Everything is up in the air regarding the new entity and a package needs to be put together to convince a majority of the creditors that this would be a better option than liquidation and getting cents on the dollar.
Asking creditors to write off a higher proportion of money owed to them in order for employees to maintain their current terms and conditions isn’t going to go down well, everyone needs to come to the party for a deal to work. An agreement lasting 2-3 years for T&Cs would need to be part of the package for the new owners to base their plans on.
The administrators should be able to put forward a proposal for a restructured airline but it will have very little room for negotiation in it. Obviously it looks better for them if the company can be saved, but they still get paid either way.