One or both of the purchasing companies would take the associated liabilities and assets and manage them, or they would go to a trustee to manage. Almost all if not all the pension liabilities are fully funded, so you would not be left in a lurch.
Hopefully packaging and automotive are sold separately to other companies who have strong and competent management. That is the only way I see to get rid of Dana & company and the do nothing board of directors. Maybe we can even get some of the underlying value of the assets the current management has lost.