I don't see a good way out for Republic. I don't see a mainline "partner" bailing them out, I don't see how bankruptcy helps with either the CPA or the labor, and I don't see how to turn it around under current conditions.

On the other hand, if another regional bought them out, whatever labor contract exists at the buyer is likely better than the contract at Republic, so it might be attractive to the labor groups. But since they're represented by a non-ALPA union, at least at the pilot level, I can see integration being a deal breaker for any buyer.

In my mind, I don't see a way out of this mess for Republic.