A potent combination of punishing fuel prices, unrelenting competition from discount carriers and outmoded business models is propelling U.S. legacy hub-and-spoke carriers toward inevitable restructuring on a massive scale. "This fall, many airlines will be determining their optimal size and shape," Merrill Lynch analyst Michael Linenberg predicts. Chances are, some also will be struggling just to survive. While the perennial mismatch between expenses and revenues is chiefly responsible ...


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