In the past several decades, airlines disrupted by deregulation, low yields, excess capacity and soaring fuel prices, from time to time have filed for protection from their creditors, thanks to the celebrated U.S. Chapter 11 bankruptcy protection or similar provision in other countries. Then usually they implemented a cost-savings plan, reinforced by job cuts and elimination of unprofitable routes, in preparation for a new start. This was the airline industry's routine, in a slowly evolving ...

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