100% based upon the war''s effects on revenue, and my natural skepticism that a) one of the unions will pull some sort of stunt (for instance, if we get govt. aid, unions may request that the amount of the aid be deducted from their concession targets), or B) if they don''t, at least one of the agreements that gets sent out for membership vote will be turned down.
I would like to think that the company will allow the unions enough time to put contracts up to a vote, which might land a filing on a Monday in late April. However, I could make a case that it is too late to implement concessions (especially pilot workrules, given the training burden) and still avoid BK thanks to the war, and we might consider filing BK early in order to make a better case for federal aid and enhance our liquidity.