Flying on empty

摘要

Over the past four years, America's airlines have lost $32 billion, hit by the effects of terrorist attacks, the collapse of the dotcom bubble, the war in Iraq, the SARS epidemic in Asia and fiercer competition from new low-cost carriers. This devastated landscape is now being visited by a sixth horseman of the apocalypse: oil prices. On September 14th Delta Air Lines and Northwest Airlines, America's third and fourth-largest airlines, filed for bankruptcy. With United and US Airways already operating under Chapter 11 bankruptcy regulations, at least half of America's airline industry has now been declared bankrupt. These firms will keep flying on empty, thanks to court protection from their creditors. But a once-proud industry is officially on its knees.