First of all American can't afford the $3B+ in added debt that would come with a full acquisition as they can't even afford to make interest payments on their existing debt. With margins so tight right now in the industry, this is the worst time in the last 15 years for airline debt acquisitions. Certainly there are some assets worth buying from Spirit, but acquiring the whole entity is just dumb for the cost in an industry where everyone fights for 1% more margins. Plus the creditors aren't going to just let the assets go to another airline for below liquidation value because they have some sentimental feelings about "selling Spirit whole".

It will be easier for airlines to just make offers for what they want, instead of acquiring the entire financial mess.