Wrong. They always get new (and bigger) option grants after exiting bankruptcy and they also get huge "retention" bonuses during the reorg. I speak from personal experience...
Well, if the major creditors WANT to keep current management then obviously they are going to have to give them an incentive. I am not sure if it is known if delta's management will be sacked or not, i don't follow airlines almost at all until they get their delisting and 'Q'