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Airlines are increasingly using bankruptcy -- or the threat of it -- to retool for today's changing aviation climate. Every airline bankruptcy inflicts a heavy dose of pain on the companies and people whose economic lives depend on an airline's financial fortunes. Vendors are forced to absorb millions in unpaid bills. Employees who aren't laid off are asked to take pay cuts. And taxpayers may have to pony up billions to cover unfunded pension liabilities.
August 10, 2004 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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