I believe this to be inaccurate. Holders of FF miles are a specific class of unsecured creditors. Each of the airlines which has gone bankrupt in recent memory has had to seek specific permission from the bankruptcy court to a) keep their frequent flyer program operating; and b) continue to recognize the existing balances of their members in the FF program. It is one of the first motions they file in the bankruptcy. United and US Airways both did so. In the TWA bankruptcy, American and TWA filed a motion to have AA assume the FF balances of TWA FF members.