I tend to think they're not going anywhere. They've got a fair amount of cash on hand, and a pretty decent cost structure. Not sure what bankruptcy is going to do for them except for eliminating the hold back problem.
The bigger problem is that the new CEO comes from Air Canada and is thinking about radically changing the fair structure to look something like Air Canada's. Air Canada's menu pricing (some get drinks/some get miles/some get checked bags/some get seat assignments) may work where there is an essential monopoly (OK, maybe duopoly) but it doesn't sound too good to me. I'm working on 100K with F9 this year and if they don't get the fare structure right, ... I may be back to AA, connection of not, but almost always F.