Capetonian - See my post at #33. There's the likelihood of a lot of other airline losses coming soon, as they also unwind their oil hedge positions.
It's also likely a lot of companies seemingly unrelated to high oil products use, will also be taking some severe financial pain due to oil hedging losses, in the very near future.
I wouldn't be in the least surprised to find, that part of the Saudi strategy is attempting to shake the speculators out of the oil markets, and find the true oil price, as governed by physical supply and physical demand.