You said it yourself. So how is it not in the cards? Your right about the environment being different today. Companies aren't stupid enough to invest money into garbage businesses like they were before the recession. I see the the courthouse the only option. You remember how much UAL had to pay in interest to raise capital a few years ago? I would put AA credit rating inline with Greece. I see the only way out is all creditors refinancing the debt and terming out the note, but this is very hard to achieve. Creditors rarely go down this path. Not to mention all creditors need to be on board.

25 billion in assets and 29 billion in debt. Last 3 year trend is increasing debt, while most airlines were shrinking.

Only positive I see is the net income is increasing.
2 billion dollar loss three years ago to a 500 billion loss today.