AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Industry's losses for '90-'91 reportedly at $4 billion; three major carriers go bankrupt, another feared soon
Airline industry experts are predicting that 1991 will be remembered as one of the worst in the history of the industry, will close with record losses and will see more bankrupt carriers before it ends. Since the year began, three airlines have ceased operations and several more have sought protection under Chapter 11 of the U.S. Bankruptcy Code.
According to U.S. Department of Transportation data, 1990 and 1991 managed to wipe out the net profits reported by airlines during the past 10 years. Between 1980 and 1989, the domestic airline industry's …