Gates and slots may have value, but those are often allocated by local airport authorities. They are usually owned by the locality, and lease terms/assignment terms may not transfer. Ie the gate tenant may not be able to transfer or sublet their gate access. Local authorities like to reserve that control for themselves, to best optimize air service to their communities' best interests.

With no detailed information the obvious broad strokes situation with NK is that they have a lot of debt and few assets.

Most or all remaining planes are leased. Those don't count, other than NK *must* keep making payments or the planes get repo-ed. The court can stall that for a short time only, but the court cannot impose any new terms on the lessors that they didn't agree to.

So you're right, the creditors' best option is that NK survives (better yet merges) so as to be able to hopefully continue to service the debt.

It also doesn't look good for stand-alone survival, not saying they absolutely couldn't re-organize to profitability but they'd need time, operating cash, and debt relief to get there. Where would that cash comr from? More debt? they would be at least somewhat more credit worthy after exiting Ch.11 but that's relative, doesn't mean finance people would be falling all over themselves to send good money after bad.

M&A looks like the best plan, and F9 is the girl with low-cut dress and mini skirt who ended up alone by herself in the corner. "Wanna Dance?" But of course the girl doesn't absolutely need to dance, she can make sure he's got the beer and rubbers in his the car before agreeing to anything.