Pan Am didn't have the cash to make payroll. They had to sell the only routes they could in order to raise cash. UA has plenty of cash -- both on hand and with their new debter-in-possession financing.

Pan Am sold the Pacific Routes but were trying to sell the whole thing, and UA strung them along.

The current model is for UA to recover and rebuild. That will mean cutting unprofitable routes and maintaining profitable ones.

I doubt they're looking at massive asset-sales. At least, not yet.

If they fail to turn the company around and make a profit, then it will come time to liquidate in order to satisfy creditors. But that's a long way off.