[QUOTE=bernardd;17801331]The problem is once you go into any form of Bankruptcy the outcome can be unpredictable and certainly not bound by any gentleman's agreement.
<snip>
QUOTE]
That is why it is called a "gentleman's agreement". There is no legal binding.
I agree that NOTHING is guaranteed in a BK process. However, it is not uncommon at all for companies to have post BK financing or exit financing lined up BEFORE going into restructuring BK
Keep in mind, this is very common in the industry. Now, it is quite possible that Bill Gates can come to the BK court and say "I offer $20 billion for AMR and it will now be called Windows 7 Airlines" and the court will accept
But assuming rational business players, I will tell you that the money TPG and IAG will put up will be hard to match by US Airways or by most other companies like KKR, especially when then sweetener is going to be "integration benefits" provided by IAG, which will translate into direct revenue for the reborn AMR
The judge will take all of that into consideration.
So, is a sure thing? No. However, is it HIGHLY likely? Yes.
See me on this board in about 6-12 months. If I was wrong, I will buy you 2 rounds of scotches in any Admirals Clubs of your choice.. heck make that 5.. .2 just makes me want 2 more