Whether a 15% revenue decline will bankrupt an airline really isn’t the important question.

the issue is if there is some sustained decline that will. Hard to see how that’s not the case.

Assuming traffic tracks revenue (not sure that’s not optimistic) the airlines are sitting on an 80% decline. At the moment they have a big government lifeline. Hopefully they are using the summer to do the easy things to cut costs. But there are only so many easy things to cut. A year from now traffic still down 50% And all the easy things are done... you are still servicing the debt from vision 2019.