In my experience in the corporate world, the reason is often one that only makes sense for the person making the decision. Spinning it off right now would be a

In my experience in the corporate world, the reason is often one that only makes sense for the person making the decision. Spinning it off right now would be a big investment in time, and thus attention from the higher up's. They have a lot else on their plate right now and would rather not think about that, and the amount of money they would make from spinning it off (in the current environment) is not enough to solve any of their other problems. It doesn't necessarily mean it couldn't have survived on its own if it were spun off. It just may not be what the decision makers want to be thinking about right now. It's not always about what's important to the company (i.e. the company's money), sometimes it's about what's important to the CEO (who really wants to think about other things, and if they have a major distraction that maybe doesn't go well it could add to board pressure on him to step down).