jaguar is correct. The new law (effective Oct 17) provides (among other things):
1. Relatively short 18 month period of debtor-exclusivity to file a POR (and no extensions, from what I have read, unlike UAL's 34 month period so far);
2. Very, very short 210 day period to decide on lease rejections/acceptance, also incapable of extension;
3. The widely reported limits on retention pay/bonus money to management of bankrupt companies.
I have read that we will see a rash of Ch 11 filings in the next two weeks and that some of the filing companies will be shockers. Nobody will be shocked if FlyI files, however.
Of course, if an airline is destined to shut down anyway, it won't really matter if it files prior to or after the Oct 17 effective date. That date only really matters to companies that expect to successfully reorganize. Dunno which side of that line FlyI falls - the next week or so may tell us.