Originally Posted by FriendlyPilot

The debt holders will get paid first ahead of everyone else, even employee wages. To say "they won't get a dime" is not even close. They literally get every penny until their "senior secured notes" are paid off. That's why they agreed to the DIP financing and convert their debt to the highest priority debt possible, plus take control of the company.

The fully functioning airline is a big money loser. Its all leveraged and loses more than it makes. Its a huge liability. Unfortunately its worth more liquidated to the people making the decisions and the ones who took the financial risk.