In legalspeak, likely so. I just remember the last one in *A, Adria had this press release below, they basically gave them one or two days to find a way to bounce back or they are out for good. AirBerlin was similar with OneWorld. The alliances seem to have very little tolerance for total insolvency then sudden resurrection of a new airline from the rubble, like has happened in the past. Granted it hasn't happened sooooo recently, but Sabena to Brussels and Swissair to Swiss are good examples of airlines that transformed rather than actually went under, if that had happened in modern alliances then they should have been allowed to continue alliance relationships rather than being booted 1-2 days after they declare insolvency. Same with SA, they are going to form a new airline from the ashes, and if that new airline wants to remain part of *A then *A should allow it.

In the case of both Adria and AirBerlin, I thought it was really unfortunate. It would have been nice to see a last minute investor come in and provide a rescue, but without the alliance then both airlines were suddenly worth significantly less. I think all the big 3 alliances should provide a grace period to find a suitor to bring the airlines back if they go under before booting them. 30-60 days perhaps. It's hard enough to get new members as it is, so for God's sake, let's extend every branch we can to keep current members in difficult times.