I wouldn't be too sure about that...
If this merger is ultimately abandoned due to the DOJ objections, do think AMR will just say ok, we do this alone with everything as-is?
If the merger fails, AMR will have to go back to the BK court and come up with a whole new plan. My bet is they come back for further pay and benefit cuts under a new plan. Remember, the initial proposed cuts by AMR were much deeper until Parker came along to "buy" the labor groups support. Not to mention the countless millions of dollars spent on the merger by AMR that now must be calculated into a new plan.
I think with no merger, both companies will survive, but I think both companies will be much better off with a merger...