personally i think we are in a different phase of a cycle..... 2007 fuel prices were high, airlines were running older fleets and had to restructure to reduce operating costs..... this is followed by the economic crisis and the need to top up pension funds.

fast forward last few years - airlines have newer fleets, fuel prices are lower and airlines have managed to lock in new operating structures/costs/collective bargaining agreements and pensions doing better.

the next challenge i see are price wars, new origin-destination markets and excess capacities.... which may result in some airlines not surviving the new marketplace.....but who knows how long that will take.