First, I do not have any crystal ball knowledge about UA's future, as some seem too.

We are holding on to our UA miles and using them are usual. Yes, well more that 1/2 million. I will likely "go along" on a trip to London in June (likely will pay full points, for Bus or FC, as the dates are never firm until the last minute with my wife's travel). We also have booked our trip in FC to MEL in August. It is likely she will compile enough miles this year to replace those awards, so we will still have a pile.

We passed on the Hilton transfer of any, as we have a large cashe of those points transferred from AMEX to Delta then to HH.

So in answer to the orignal post, you can just ignore the growing risk of airlines Chapter 7's as one alternative, and keep everything crossed. There is the case that no airline will go Chap 7, or even if, that they may have there ff program taken over by someone else with some compromise value assigned.

In our case, we do not take this as a head in the sand decision, but a best case result for us.