Large airlines/flag carriers won't go bust... they will merge with significant subsequent job losses.... BMI/Luft.... BA/Quantas/Iberia/my grans airline... Northwest/Delta etc etc.... hell even talk of Emirates/Ethiad out in the desert (would mainly be ground ops though)
I fear WWW will lose this on a technicality but the overall impact on the wanabee employment market is pretty much the same.