How presumputous of you both. "It is difficult to accuarately explain the business theory and dynamics including bankruptcy law in just a few sentences on a forum, but
"IF" UAL can emerge from BK, they will have shed all of their unsecured debt
(don't bet on it)responsibilities"
I assure you and Busdrv, my comprehension of Bankruptcy law is adequate enough not to base a future business model on ifs, maybe, hope so. Ual's secured debt is so massive that they are no where near the kind of revenue to survive outside of bankruptcy. The question is NOT the fantasy of what Ual is hoping to do when it emerges from Bankruptcy. The $57 BILLION dollar question is "IF" it can. Liquidation is a VERY real possibility for United Airlines...anyone who doesn't think so clearly does not have an understanding of Bankruptcy. Please allow me to share a few Bankruptcy facts for those under the bizzzare elusion that it is somehow beneficial for companies to enter Bankruptcy :
Chapter 11 bankruptcy allows a business to reorganize and refinance to be able to prevent final insolvency. Often there is no trustee, but a "debtor in possession," and considerable time to present a plan of reorganization. Sometimes this works, but often it is just a bottomless pit of more debt and delay. The final plan often requires creditors to take only a small percentage of the debts due (what is owed them) or to take payment over a long period of time. Protection of the public interestIn applying sections 1166, 1167, 1169, 1170, 1171, 1172, 1173, and 1174 of this title, the court and the trustee shall consider the public interest in addition to the interests of the debtor, creditors, and equity security holders.
Priority claims(a) There shall be paid as an administrative expense any claim of an individual or of the personal representative of a deceased individual against the debtor or the estate, for personal injury to or death of such individual arising out of the operation of the debtor or the estate, whether such claim arose before or after the commencement of the case.
(B) Any
unsecured claim against the debtor that would have been entitled to priority if a receiver in equity of the property of the debtor had been appointed by a Federal court on the date of the order for relief under this title shall be entitled to the same priority in the case under this chapter.
Confirmation of plan
(a) The court shall confirm a plan if—
(1) the applicable requirements of section 1129 of this title have been met;
(2) each creditor or equity security holder will receive or retain under the plan property of a value, as of the effective date of the plan, that is not less than the value of property that each such creditor or equity security holder would so receive or retain if all of the operating railroad lines of the debtor were sold, and the proceeds of such sale, and the other property of the estate, were distributed under chapter 7 of this title on such date;
(3) in light of the debtor’s past earnings and the probable prospective earnings of the reorganized debtor, there will be adequate coverage by such prospective earnings of any fixed charges, such as interest on debt, amortization of funded debt, and rent for leased railroads, provided for by the plan; and
(4) the plan is consistent with the public interest.
Liquidation 
n request of a party in interest and after notice and a hearing, the court may, or, if a plan has not been confirmed under section 1173 of this title
before five years after the date of the order for relief, the court shall, order the trustee to cease the debtor’s operation and to collect and reduce to money all of the property of the estate in the same manner as if the case were a case under chapter 7 of this title. End of story.
Tick Tock....
