You are correct, but those were money bleeding contracts that 9E needed to get out of ASAP. Once Delta began providing financing, it was game over. Skyw Inc. has been smart about its bidding over the years and isn't as exposed to the same volatility as 9E.

I completely agree that we are next on Delta's hit list, but they don't have a gun to our heads like 9E. A rate reset might be an option, but simply holding out on payments and forcing bankruptcy isn't a likely scenario.

Whether or not our company wants to play hardball with two stubborn negotiating committees (LXJT/LASA) and cry poor due to creative accounting is a different story. There is no safe regional, but there are certainly those that will be able to ride this out better than others.