I doubt they will go straight to Ch. 7. They will probably go Ch.11 first and upon finding that no one will step up with funding, the meltdown will start.
Here's what happens: In the middle of the night(whenever the shutdown is decided upon), contract security descends on the assets(TWA favored Brinks) and secures them.
This keeps angry employees from 'scorching the earth'. It also keeps creditors from jumping over the bankruptcy court and absconding with their collateral.
For you USAir crews out there, if they do file a second time, be advised that your fuelers, caterers and layover hotels may only accept cash on the barrell. It happened to me after TWA filed--despite AA
having already announced they were buying us out. I'll always have warm-fuzzies for the IAH
Enjoy the ride.TC