It depends. If they're bringing in new execs who are experts at dealing with this sort of thing, it would be hard to ask them to make "concessions" for the sake of the company, since they could just go somewhere else. The reason the airlines can (and have to) ask the unions for concessions is that the unions have artificially inflated wages above market levels.
their stock options are worthless, that is by far the bulk of their compensation potential.