That does not paint the entire picture. Liquidity gets you through the short term, but if you have to encumber a large amount of your assets to do it, then that becomes a MAJOR long term problem because the cash required to pay down those loans simply will not be there. Of course any company will do what it takes to get through the short term, but if they rack up too much debt to do it, it will become a long term issue. This is the fundamental problem that AA has, while it’s short term liquidity might be adequate, if this goes on for an extended period of time, they have over $30B in debt vs $42B (annually) or so in revenue, and this revenue number will come down big time. When you have more debt than revenue, situation gets serious.

SOMEONE is going to take a huge haircut with this, debt holders, employees, someone. Let’s all pray this thing blows off in the shortest amount of time to at least hit bottom, not there yet.