There was something similar with one of the last pieces of Tadiran a few years ago. The workers united and bought the company from the management, effectively sending the bad management home. Can they do something similar here ?
Theoretically it could be, what they are aiming for: Let GE to close it, then buy it with the machinery (the machinery would be a cost of scrap metal) and run it on their own.
But would they be able to keep the fab alive?
The problem is, the classic incandescent market go away (the bans only speed this up, but the main reason are the too low incandescent sale prices). Converting the fab to the halogens would still need quite investment (for tooling,...), while the operation life would be only few years longer (they are more expensive to make, while the sale price is dropping just a bit behind regular incandescents), so it would be practically only a longer agony.
Converting to some today's "cash cows" mean building a completely new fab anyway and then going around plenty of patents owned by the big players.
In any case it would mean establishing an engineering team for product development, I would guess the hardest part...
I guess all that conversion was already considered by the main GE and only two options remained: Either close immediately and free the workers to get other job (and a compensation), or convert to halogens and keep it for the next two years with reduced salaries. The unions decided for the first one...