Originally Posted by Probe

No airline could shrink 90% and survive without Chapter 11. You can furlough 90%, which is nice, but you still have to pay all your creditors for the other 90%. No chance that can happen without court protection. Airport leases, aircraft leases/payments, debt payments, rent on property and equipment. Etc. Labor is only somewhere around 40% of an airlines cost at the moment with contract wages being high.

Honestly, I think the best option is Chapter 11, and the sooner the better. Borrowing 10's of billions to pay creditors while you bleed to death anyway is no future for any business. If you did survive you would be so saddled with debt, you are a zombie company anyway.

The Feds are paying the payroll through Sept 30. All bets are off after that.