That depends.

They are selling 25% of their ownership in the company for $30M (give or take). Not sure they would be doing this if they thought there was an imminent merger going to happen where they would get either cash or equity in another airline.

I have always believed they are looking for an exit since they converted their debt into company equity, and this is a negative return on what they are owed. Will be interesting to see if this leads anywhere.