AA has almost 300 older aircraft that they could shed in a bankruptcy and just walk away from, leaving the lessors not having to worry about values of the rest with an aviation world in shambles (all approx):

• 60 "Block I" 737 (20 yrs)
• 100 A319 (20 yrs)
• 50 A320 (20 yrs)
• 30 A321 (20 yrs)
• 50 777 (20 yrs)
• 777-300's are practically new but if you don't need them you could reject them as well (20 total I think)

That would knock us down to roughy 500 aircraft or about 55% of our pre-covid size, and streamline the fleet further making AA a 737/A320 operator plus the 787 for big city international markets.

We'd retain the newer ones with value to the lessors and seeing as how we are flying 47% of our pre-covid pax, the ratio isn't far from off.

It would suck for most of us because we'd all be on the street and quite frankly better off going elsewhere but I don't think AA will liquidate completely.

Contracts would also be amended, you'd see FA and pilot pay cut by 30% +/-, ground crew as well. The company would basically become a post-AWA airline again. Kinda crappy service, junky airline, but cheap and profitable, assuming some semblance of demand is back in summer 2021. Hubs would be CLT, DCA, DFW, PHL, PHX, and (maybe) MIA.

Delta, United, and SWA would buy up our gates and slots at the other ones. But their costs would all be higher than AA's if they don't file.

As far as regionals go, AA could spin them off with a guaranteed contract to extract value from them (Skywest would buy). AA did just get an STC to install HEPA filters on the Piedmont and Envoy ERJs so it does appear like those are in for the long haul, so maybe the plan is to keep them in house.

They must know something we don't though because they haven't parked the 777-200's which I thought would be toast by now. Either they are banking on a yuge cargo contract for vaccines or legitimately think there will be demand for that sized aircraft in the near future. Although we've seen how they were way off on demand lately.