It is widely speculated and even expected that bankruptcy is is a grim reality awaiting some carriers. As stated in in this article by Reuters UK http://uk.reuters.com/article/bondsN...BrandChannel=0 there's not much meat left on the bone to cut.
Just a metter of pure speculation... considering all cuts: pensions, staff jobs, aircraft, catering, ICC, etc... and attempts to raise revenue "through the back door" : luggage, ticketing and reservation charges, catering (again), fuel surcharges, etc ... is there anything left to do to impress potential saviours/investors in case of another Ch11?