SLF here, and I pay with my own money too.
Something not mentioned so far and is crucial to understand the distorted market airlines work in is the government endorsed subsidy to be found in many parts of the world. In this I include the Americans with their legally enshrined right for bankruptcy protection from creditors. In a real market many if not most of the legacy carriers in the States would have long gone. I for one was delighted to see Pan Am and TWA go, terrible value for money. Other than American Airlines (which I believe has not ever filed for bankruptcy) all the other majors would not exist but for bankruptcy protection laws. All of them should have been liquidated to allow Loco entrants. Nor should we forget the US protectionist approach to foreign ownership of airlines, usually on the spurious grounds of national security (as if the US government couldn't demand compliance with a national emergency by US registered companies). If this downturn is as bad as some serious commentators are saying eg Martin Wolf in the Financial Times, then the continued shouldering of the financial burden of airlines by either creditors in bankruptcy proceedings or by SLF, business or leisure customers, will become untenable and some serious fallout for shareholders and employees of these outdated airlines will occur.