Basically the NYT Co. cut deals with six of the seven unions at the paper, and issued a statement saying they won't be "making a filing today" to shut the place down. The one union that they didn't come to an agreement with: the Guild, representing the newsroom.
The Guild actually did come up with the $10 million in cuts the company asked for; but they wouldn't give up the lifetime job guarantees for almost 200 employees, which the company says is an absolute necessity.
So! Our outside take: the company was dishonest by saying they just wanted the 10 mil in cutbacks, when they really wanted the lifetime guarantees too; the union does have a leg to stand on, because they got those guarantees in earlier negotiations in exchange for giving up other rights; but then again, lifetime guarantees are just not realistic these days, and they'll have to give them up eventually anyhow, so whatever.