According to The Associated Press, United Airlines stock dropped 64 percent after being halted for most of Thursday morning. This comes the day after losing a government-backed loan United said would have saved the company from bankruptcy.

Chief executive Glenn Tilton declined to say whether or not the company will file for bankruptcy, but said it is not inevitable.

“It needs some protection from its creditors to get back on its feet,” said David Sinason, associate professor with the accountancy department at NIU.

Analysts say that with the rejection of United request from the federal government for $1.8 billion in loans all but ensures Chapter 11 bankruptcy filing, according to The Associated Press.

Sinason went on to say that as the company continues to lose money, filing for bankruptcy will not help.

“Management has to come in with a plan,” Sinason said.

Sinason said United had several options for dealing with the losses, like layoffs, cuts within the company and a possible merger.

One option United has with possible local ramifications would be cutting roots, Sinason said.

“Sometimes if they cut out a root, it eliminates an airline in an area,” Sinason said.

“They will come out as a more streamlined company and be better for it,” said Russ Hagberg, instructor for the management department at NIU.

The Associated Press contributed to this report.