AA pre Covid had $30B in debt, by far the most leveraged airline. After Covid, debt has gone up $10B+, and they have mortgaged pretty much every valuable asset. There is only one way this ends for AA, unless creditors negotiate outside of BK. A ver large chunk of debt is airplane debt, as we all know, they went on a huge spending spree the last 10-15 years. The only thing that might save AA from BK is aircraft financiers/lessors restructuring aircraft debt. Otherwise, how do you repay $40B back?