Remember also that even the decision of AA
to acquire TW
was a response to UA
's proposed takeover of US. I don't think that AA
would have done so without the UA
/US deal being announced.
In the end, the AA
/TW deal was approved by DOJ based on the premise that TW
wouldn't survive otherwise, but the UA
/US deal never was approved because US, in mid-late 2000, could not demonstrate that it could not survive on its own. Consequently, DOJ hinted that it would not give approval to UA
acquiring US, so UA
voluntarily withdrew the offer.
So to answer the original question, I don't think anything would have saved TW
. DOJ basically found that they were going under unless AA
And that was before 11 September 2001. If they, by some miracle, had survived until 10 September 2001, they probably would have been out of business by the end of 2001 anyway.