Can bad (really bad) O2 sensors cause transmission fail safe mode?

Our 2000 Isuzu Rodeo is in transmission fail safe mode, but the OBDII is only giving codes for bad O2 sensors (we've known these are bad all along) - could the bad O2 sensors cause the transmission fail safe mode? The transmission shop we had the rebuilt at a year ago said there isn't anything wrong with the transmission - it's in fail safe mode because of something electrical - could this be it? Any help would be appreciated! Thanks in advance!