Creditors will get "pennies on the dollar" if Spirit liquidates so they should be happy with an acquisition where they take stock or an unsecured note, even at a substantial discount to their current secured debt. Also the creditors "really want" to keep the airline in one piece instead of being broken up and sold even if it means them getting less money.

This is a popular take that I disagree with and have been explaining for 6 months why its wrong.

Explain why they are right and I'm wrong.

Go.