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US airlines hire bankruptcy lawyers in face of war
Monday, 29 Jan, 2003
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Reuters has reported that major US airlines, including the world’s largest, American Airlines, have hired bankruptcy lawyers in the face of an unprecedented downturn as war with Iraq looms.
Reuters sources said the hiring of various firms does not necessarily mean that the airlines are preparing imminent bankruptcy filings, but that “it signals they are keeping options open” as billions of dollars in industry losses continue since September 11.
The report says Wall Street has estimated that the major US carriers lost between $8 billion and $10 billion in 2002, levels which “cannot be sustained for long”.
For the full story, see ABCnews.com.
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