[zdragnar]

The threat of a strike was the final blow, causing them to lose customers and dropped their stock price such that they didn't have anything to borrow with.

All of the bad decisions they'd previously made out them in this position, but the union threatening to strike was the straw that broke their back- despite the union withdrawing the threat.

That last tidbit probably tells you all you need to know about how little chance the company had at surviving.