If they are scrambling for cash, isn't joining an alliance the best thing they could do? After all, if I fly in that area of the world, I'd like to take an airline that is in my favorite alliance. That would give them a lot of customers who currently do not have any ST options for flying withing SE Asia.

Similarly, I remember some article mentioning that Swissair going alone and not staying with DL when DL started flirting with AF cost Swissair dearly. Having a good solid partner accross the ocean is always good. In this case, MH would get 3 for the price of one!