If your whole industry was loosing money, in Chapter 11, cutting back operations and all your work experience & training was on that industry, would you walk away or take the reduction in pay? I've seen avg. pay #'s of $150k, so if that is correct, it would mean $120k. Painful cut for sure, but a decent wage.
Quitting is always within an employee's prerogative. If you are a pilot I hope your new job pays $120k.