I will share with you what I did when LyondellBasel was going through Chapter 11 in 2009.
The package they offered me was 2 months notice pay and 12 months of additional pay. I could collect unemployment in full. Cobra was offered for 18 months for health insurance at much reduced rates.
I took the retirement with reduced pay because I was not sure whether the company would be solvent. I do not regret it one bit doing that after 11 years. Social security checks and pension check come on time.
Depending on your age you can take health insurance plan from the company. This is relatively cheap with company paying some towards a good medical plan.When I and my wife turned 65, $100/month each is paid towards Part B of Medicare.