Honestly it is most likely to merge Piedmont and Envoy. They both fly the 145s so integration wont be hard. A little bit tricker with PSA. Also, PSA and Envoy have bad blood, or so im told. Piedmont also only has 600-700 pilots. Where PSA and Envoy each have over 2,000.

ALPA to ALPA merges are easy too. Because its all based on hire date regardless of company. Unlike two different unions merging.

Merging also saves money because instead of 2-3 different recruiting centers, training teams, management, and union reps, you only have one.

After that they will furlough junior pilots as one or two big groups. Instead of 3.

Note..
Not basing this on any reports just what makes the most sense.
so like he said merge then furlough.