These factors may be what the buyout groups are banking on with their bids.

He added that the buyout group would now concentrate on getting a foreign airline to commit $250 million toward the effort.

It could not be learned who the other potential bidders were, but one buyout group was thought to include a financial services firm.

The buyout group has maintained that it would have gone ahead without the nonunion employees.

A spokesman for the buyout group said earlier this month that each bank would contribute $500 million.

At least eight members would be independent of any of the buyout groups.

On the one hand, an investment banker concluded that a fair price was below what the buyout group is paying.

But one person familiar with the project described it as a major leveraged buyout group.

The decision to join the buyout group was made independently, he said.

Four years later, management formed another buyout group and purchased the company.