Aviation Companies that rely on asset based credit might survive but will have to make some cut backs. Companies that rely on leased equipment and cash flow based credit will be the first to fold (small schools, stand alone utility and EMS outfits ).
Corporate entities typically close down their aviation dept. during tough times. Tours will take a hit because people will put off their vacations for better times (domestically) and better exchange rates(internationally).
If "Drill Baby Drill" becomes a reality, the Offshore industry will do well but not immediately.That is at least a decade away.
All in all a pretty grim outlook all around.
Alt3.