Mor3 with less? Or more with lots more?  

If the article is valid and they have $46m in cash (with a revolving credit facility at 72% utlitized and one currently untapped for now).

With 5,000 published employees at an avg $7,000 (guestimate) per month in total wage and benefit costs per person thats only 1.3 months of wages covered. With all the overhead for the aircraft, maint,fuel, facilities etc they may well be considered near broke hence the $125m credit line being secured against recievables (factoring effectively), which begs the question how much more flxibility is there for further credit because their can't be any room for more notes with other debt maturing in 24; secured against what - American Securities ? What assets are left to sell, at what return.

Change in direction for revenue and time to pay required quite urgently. Better hope those recievables actually turn up. Not a pretty picture - hoping for the best for the benefit of all the crews working away to do their job.