You're right that something is getting ready to happen. Debevoise & Plimpton LLP just filed an application as counsel for Spirit in BK court as of yesterday. They have presided over a number of 363 asset sales. One notable one was High Ridge Brands, which includes products like Zest, Coast, Alberto VO5, Reach toothbrushes, etc which were acquired by different companies. The good news was when these products were acquired the employees just went to work for the new owner since they were compartmentally separate products. Not sure how that would work for employees where the entire airline isn't acquired and where the employees would go but its not out of the question for a single 363 acquirer to buy the remaining assets if they can get it without the debt.

The question is will the 363 sale be large enough that one acquirer buys enough assets to be forced to take all the employees or will the creditors just want an auction sale of assets to maximize their return?