Was just talking to a couple of my Wall Street buds and I think it’s pretty clear what the motivating factor might be in US Airways (LCC:NYSE) making this move now.

As many of you might be aware — for the last week there has been increasing speculation concerning the question of whether or not a big deal was in the works that would see United Airlines possibly go private.

I don’t think this was idle speculation. From what I hear, there has been some active behind-the-scenes planning going on in regard to a potential deal of this type.

Given that a deal of this size would require a sizable number of participants, i.e., banks and funds of one type or another, and given that one of the reasons for such a deal could certainly be to take in yet another bankrupt airline and then roll out the new entity as a new public offering at some point — I think we see a big potential reason for US Airways doing what it did today.

And yes, as this deal was made directly to the creditors, and not to the airline itself — it’s not a friendly type of proposal. Rather it signals that US Airways has forced the issue — and that perhaps Delta management has not been that receptive to their earlier advances.

Let the fun begin.