The airline's already slim chances of avoiding bankruptcy are dwindling rapidly.

If we didn't win, I think our chances (of getting) in the tourney would be slim. It was a must-win, and that's basically what we put in our heads and in our hearts.

If we didn't win, I think our chances in the tourney would be slim. It was a must -win, and that's basically what we put on our foreheads and on our hearts.

United shutting down doesn't necessarily fix the problem for other airlines, but it helps a lot. It does divert a fair amount of revenue to other airlines -- United carries about 17 percent of the nation's traffic.

During the recent downturn, the legacy carriers have gradually used up their financial cushion of aircraft and other assets they can borrow against. If they are forced to face a new crisis, they may fail more quickly than they have in the past.

Usually, one would see a ratio of less than 50 percent for industrial and transportation companies; however, that's the peak and from there, it should decline as they use free cash flow to pay down debt.