All the unions have agreed to the paycuts that American asked for, so they are fine for now. Even if they do declare bankruptcy they will declare Chapter 11 which will allow them to restructure their debt and further cut their costs. This is just my opinion but there is no way American will go out of business. They may face more cuts in the future, but they will remain in business. They are currently the largest airline in the world. It would be bad if they were to go out of business.