Waiting to file bankruptcy makes no sense. File now, and use bankruptcy to renegotiate aircraft leases, property rents and other service contracts down to new rates.
Used aircraft values are about 30% of what they were 15 months ago, and attacking lease rates are a significant opportunity. Commercial lease rates are also at a low. Don't know if that new HDQ complex AA built is owned or leased, but if it's leased, start there and threaten to let all of HDQ continue to work remotely since it's worked for almost a year now. Same thing with all the sales offices, call centers, etc...