I live in a town affected by this - in fact, we are now the main hostess factory to begin production and our city is looking forward to the 250 to 300 jobs returning. The big point I always heard from the actual workers here, is that a lot of pension money was diverted, and most of the workers lost all of their retirement money. The striking unions figured it was better to just kill the company and hope for better management.
Of course, the new management is pretty much the same old people.. and they aren't hiring anyone who actually went on strike. Nice move there.
The best I can hope is that the silly union rules mentioned elsewhere in this thread are no longer there, which may allow for a more profitable business. I don't have any info on what the new job salaries are, or benefits, though. I would not be surprised if it is lower than before. Well, except for management.