this hasn’t played out yet. Everybody incurred debt - some more than others - and most saw share dilution. Most companies are unlikely to generate a cash flow in the next few years that will permit them to pay off tranches of bonds as they mature meaning they will need to refinance that debt in a few years (or less). Bonds on used aircraft may not (or may) be renewable at the same coupon that they were originally given when those aircraft were new. And a little whiff of inflation - not impossible when $3 Trillion in infrastructure improvements are being debated - could dramatically increase debt service requirements for those with bad credit ratings (which is almost all airlines currently). There is still considerable uncertainty.