The way I read all this is that the staff were given a vote, on the one hand they could take a pay cut and lose some jobs but the majority keep theirs and the company will be re-financed, or on the other hand they say no to all this and everyone loses their job.
I may be wrong but if it was me I would take the hit just to save peoples jobs but it seems the staff aren't interested and are happy to shut down the airline.