Airlines That May Disappear in 2009

The airline industry should be entering 2009 with a nice tailwind. Airlines spent most of the past year cutting routes, and employees and tacking on a welter of fees to counter record high fuel prices. Then they lucked out when the cost of jet fuel plunged by two-thirds as 2008 wound down. But operating expenses aren't the only thing that has dropped: Passenger traffic tumbled 10.6% in November, according to Boyd Group, an Evergreen (Colo.) consultant, prompting carriers to slash fares to fill empty seats.
Now, with both business and leisure travel in North America expected to fall as much as 15% this year, the industry may face another round of bankruptcies. Unlike the last spate of failures in the mid-2000s, not every airline may survive. In previous downturns, carriers often used Chapter 11 as a reset button that let them emerge from bankruptcy even stronger by shedding debt and other obligations, such as pensions. To play it safe, big carriers such as American Airlines and US Airways have raised fresh cash. But many airlines have hocked most of their assets, leaving them little to borrow against. "At this point, bankruptcy is liquidation," says Roger E. King, an airline analyst at institutional research firm CreditSights.


Link to original article.....Airlines That May Disappear in 2009 - AOL Money & Finance

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