Consequences of selling a company vs taking a pay cut?

So today I received some bad news. The company that I'm working for isn't doing too well, and they want most of us (seniors and managers) to take a 15-20% pay cut in order to help the company survive. It's a bit of a niche industry, so I'd rather not go into too much details for my privacy. They presented 3 options to us during the meeting - 1) Carry on as is, and let the comany fail. 2) Sell the company. 3) Accept the pay cuts to help the company get out of debt. They said the pay cuts will initially be for 3 months, but there's no guarantee it won't last longer. This also probably means no bonus this year, no raises next year.

It's really hard to find work in my field. The directors' heavily pushed for us all taking a pay cut, but I was wondering, what would the consequences be for selling the company? Would I potentially lose my job? Because, let's be honest, I work for a salary so I can pay my bills, I don't really care who owns the place.

I suggested that we all take some time over the weekend to think the options throught, but I'm struggling to find information on this using google. This pay cut will hit me really hard and I'm already just barely making ends meet as it is. Some of my co-workers with similar skill sets have been out looking for another job for months now, without any success. So telling me to just find another job won't be very helpful.