Despite emerging signs of demand stability, U.S. airlines are eyeing the fall travel season with great trepidation. A renewed slump in this period will put intense pressure on airline liquidity—and that threat, along with earlier losses, is dispelling the last hopes of a profitable 2009 for almost all carriers. At least four airlines are seeing definite signs that the precipitous demand declines in the first half of the year have leveled out. This could reduce the damage in the remainder ...


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