High Hurdles Await Airlines

Antitrust concerns are also an issue, since a combined US Airways-Delta would operate the two major connecting hubs in the Southeast. Charlotte, N.C., which would suffer in any competition for resources, was considered a plum by United when it put together a failed bid for US Airways in 2000.

Atlanta, the other hub and the city where Delta is based, is home to the world's busiest airport for several years running, Hartsfield-Jackson.

The AirTran bid for Midwest seems to skirt some of the problems in the US Airways proposal. In an interview, AirTran CFO Stan Gadek said the deal is the "exact opposite." Importantly, he pointed out that his company's plan is devoid of overlap and bankruptcy complications, but in his view that isn't the only benefit.

"Pilots at Midwest are limited in their opportunity to get from first officer to captain [because] the fleet is barely growing," he said. "Midwest doesn't have the wherewithal to place a large aircraft order."

Additionally, Gadek said, doing a deal in bankruptcy involves "multiple constituencies," including a variety of creditors, as well as the company itself.

Of course, Midwest opposes a deal and disputes Gadek's suggestions that it lacks critical mass or that its strategy to offer premium service is threatened by the spread of low-cost, low-fare competitors, including legacy airlines.