Originally Posted by Mr Nice
Nothing wrong with bankruptcy, layoffs, reorganization, trimming the fat and renegotiate their financial obligations if they want to save the airline.
This goes for any airline that wants to remain in business 3 years from now.
There are a lot of problems with bankruptcies. Seems to me answer for everything became bankruptcy.
There is always cultural, legal etc. pressure on individuals to have their finances in order, and we found out that actually individuals are running their finances much better than many companies, including airline companies. First and foremost, workers are going to suffer, a lot. Declaring bankruptcy has a trickle down effect on other businesses. Maybe if we start to held accountable management, things would be different. For example Wizz Air in Europe said that they could run year a half like this before they run out of cash. Maybe management of various companies that rush to governments to beg for money before government figured out how to help individuals, should answer why their companies do not have cash reserves. Lufthansa was on buying spree throughout Europe last decade+. They own half of European companies. They have monopoly in much of Central and Eastern Europe. Nothing happens without Lufthansa in much of Europe, and yet, here we are.
Same goes for various US companies.