I could see one or more of the major 6 US airlines going into Chapter 11 but ultimately it would be re-organization not a liquidation. Now some of the smaller airlines is another question. The big unanswered questions are when and to what extent will business travel rebound and in the face of god knows what unemployment how will the ULCCs fare. Add into the equation the health concerns start continue in light of MSM panic porn. I think there will also be another round of consolidation.