Not to threadjack (sorry!) but from the article it looks like they will continue operating under some special circumstances clauses. Reduced flights probably, but I am willing to bet anythign from MSP isn't touched since it's their home base.
Their majority stockholder (who is NOT a member of their board, or CEO, Vp, anythign like that - just a money man) is suspected of fraud, and they are backing away from him. To do so, they have to file bankrupty since he owns the majority of stock - this way, they can take his shares and resell them to make up operating cost. They are one of the few airlines that wasn't losing money, so it's not an issue of them going under.
I'm trying to think positively, hoping you're right...!!!