And if Delta is subsequently followed into Ch 11 by NWA, the vast majority of the US network will be operating in technical bankruptcy - so much for the 'free market'.
At some point, out of simple economic imperative, some of these carriers will have to be allowed to die, as Pan Am and TWA et al before them. Despite the ongoing artificial competition, South West and others have continually demonstated that it is possible to make money in this market and grow.
It really is very simple. The longer Ch 11 protection is given, the harder the eventual fall-out is going to be.