WI: Douglas goes under?

Apparently, in the late 1960s Douglas Aircraft Company was having a great deal of trouble, between rising development costs for the DC-10 and difficulties with its other production programs. IOTL, this led to their merger with McDonnell to form McDonnell Douglas. Suppose that instead Douglas simply goes under without finding a merger partner; what happens? Is this even plausible (after all, at the time Douglas was the "other" US civil airliner manufacturer, next to Boeing...powerful asset line there)?
 
Apparently, in the late 1960s Douglas Aircraft Company was having a great deal of trouble, between rising development costs for the DC-10 and difficulties with its other production programs. IOTL, this led to their merger with McDonnell to form McDonnell Douglas. Suppose that instead Douglas simply goes under without finding a merger partner; what happens? Is this even plausible (after all, at the time Douglas was the "other" US civil airliner manufacturer, next to Boeing...powerful asset line there)?
I really, really doubt it.

Did ANY major aerospace manufacturer just 'go under'? I think not. I think they were all absorbed. Rockwell, Martin, North American, Douglas, Vought, McDonnell were all absorbed one way or another.

There might have been some minor player that wasn't absorbed, but I can't think of any off the top of my head.
 
My dad worked for McDonald Douglas at the time and my mother tells me stories of how employees were in constant fear of getting layoff notices in their pay envelopes every week. It made for a stressful time for everyone.
 
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