I DO think it faces the same fate. The specifics may vary, but I feel that if American is to survive in any way, shape or form, it will be as a much smaller and more nimble entity. And, like GM, it may find itself in the position of having to sell off good chunk of its franchise in order to satisfy the bankruptcy judges this time around. Every single entity which makes up today’s American has been through bankruptcy once already. To appear in court with your hat in your hands and say “This time will be different—honest!” would seem to be asking a bit much.

American may be too big to fail. But it’s also too big to survive in its present form.