Originally Posted by
lewisc
Credit card companies have to provide refunds if an airline goes out of business. Holding back payment until the passenger actually flies eliminates that risk. The credit card hold back is the result of financial issues not really the cause. I agree it may be the "final nail" but it wasn't the cause.
Having to provide refunds is their stated reason so they don't look like the bad guys that killed the company.
The reality is that the bank likely wanted F9 to fail so they could change the look of their portfolio to improve their own valuation.