Lots of blind speculation here. Very entertaining.

Here's some more - what we do think/know:

NK is in MERGE NOW (as in the next 15-30 days mode) from what we all think. Can NK continue to operate until 1 Jan? 31 May? All of 2026? Who knows? I suppose it's possible to continue to dig a hole deeper if someone else continues to give you the shovel. But that someone is gonna want $ on the back end to make it worth their while (banks aren't stupid).

People tend to forge that F9 is also hemorrhaging cash. While Indigo has deep pockets, F9 is just one of many businesses and the right "deal" must be available for Indigo to pull the trigger on the acquisition of Nk. Keep in mind that Indigo purchased F9 many years ago in the same way. Pennies on the dollar is the only way this works.

So, let's say that's possible. If F9 were to purchase NK, both airlines would probably continue to operate as separate entities for at least a year (probably 2). That means of course that both airlines would continue to operate a substantial losses for the time being w/ NO GUARANTEE that the merged product would become financially viable. WHICH IS THE BILLION DOLLAR QUESTION - merging two unprofitable airlines = one bigger more profitable one OR one bigger even more unprofitable one?

I suppose Barry couldn't answer that question to the satisfaction of Franke and is now selling insurance. We'll see if this new guy can. Regardless, there's a sh!tton of work that needs to be done prior to the 1st real consideration of a JCBA (which itself would probably take 6 to 9 months or longer) which is a prerequisite for any SLI. If the merger happened TODAY, the SLI would be in 2028-9.