How about a "formation bankruptcy" where they both go in together and merge during and fly out the other side as one ?

Just thinking out loud.........boy what a trip that'd be.

At any rate, if either one of these companies does go into BK, each could expect to lose about 1/3 of their pilot jobs at a minimum. Barring a dramitic improvement in the economy over the next 12 months, my bet says there's going to be a lot more pilots on the street looking for work next summer.