Can regional airlines actually file c11 bankruptcy? Think about it, most majors have clauses in their contract about bankruptcy which state that they have the right to pull out. So, while filing bankruptcy is a legitimate way of getting back on track for the majors, it would seem like a catch 22 for the regionals because they have no leverage. Take Mesa for example, rumors are that they don't even have enough cash to get out of bankruptcy. And their reason for not filing long ago can be explained by what I said above, that it's either profits or liquidation for the regionals. Am I wrong?