I'm definitely no brain; you can confirm that with my wife.
I tend to agree that the bulk of cuts at United was done during the bankruptcy. Also, DIP financing would not be easy to find at a reasonable rate. The credit markets are tightening on a daily basis. Once Lehman Brothers implodes, it'll only get worse - unless the Fed comes up with some sort of rescue plan, but they're pretty much out of bullets.
I think that United can cut its size without a trip to bankruptcy court. Bankruptcy is hugely expensive.
About the best thing that United has going for it is $3B in unencumbered assets. Whether or not they can get a loan at decent interest rates is another story.
While it's going to assure that I'm out on the street again (no worries; I made more in the markets today than I make in a year yanking gear on the 757), United and all carriers need to reduce expenses as quickly as possible. That means shedding aircraft. Lots of aircraft.
United also has some aircraft coming off of lease this fall. They can further reduce the fleet by not renewing the leases.
I'm waiting to see what they do as far as the express partners. I thought that they'd cut them, but right now, the plan calls for expansion. They're likely trying to maintain as much frequency as they can, but that's a more expensive alternative than cutting express carriers and upguaging with less frequency.
