The real impact of the Ch 11 filing for Delta and NWA is yet to be felt. Granting protection from creditors is fine in theory, but with four of the US majors now in this category, there is going to be a COLLOSSAL ripple effect as fuel suppliers, catering contractors, leasing companies etc etc etc suddenly find that the vast majority of their sales are either not going to be paid or only paid x months ahead at so many cents on the dollar........ most suppliers cannot stand such a disruption to cash-flow and will themselves go under or file for Ch 11.
It's simple - there's no such thing as a free lunch.