Oooo, tough one. I called their BK over 3 years ago. Told several friends there to get out. People called me nuts. There were carriers interested in merging/buying, but at this point they’d be stupid to buy the debt and senior labor forces when they can just pick over the carcas for the planes and equipment they want.
Now, if they could get serious concessions from labor, and massive write down of their debt, you WILL see somebody step up to buy them, either as a stand alone or a merge. Hard to see right now.

I could even see one of the ACMI’s taking a bunch of planes to add more ICE and Govt contract work. ATSG is always looking for more 321’s to cut holes in and convert to box haulers. Both United and AA would scoop up a bunch of hulls too. Delta is grabbing up as many A220 slots as it can get (mistake in my opinion, but that’s another topic).