I have two basic thoughts on this - naturally they are in conflict with each other

1) Given the depressed state of the industry in general, it would be a very bad time for the creditors to force a 7 since the liquidation values of the assets would be at an all time low. Plus, careers play better when you have a potential to recover your loss rather than just take the write-off.

2) We need one less full service domestic airline. Limited service airlines will continue to gain marketshare until some intermediate stabilization point is reached - if you believe this argument then either US or UA is the obvious target for elimination. Strangely, US may be more valuable given the duplication of UA's route network for other majors