Bankruptcies loom for airlines – report

Thousands of layoffs, hundreds of grounded planes and 21 price increases may not have been enough to save the embattled airline industry from the damaging effects of high fuel prices.

According to a report on the nation’s top airlines released by Fitch Ratings Tuesday, record fuel costs and weak cash flow may lead to “multiple bankruptcies and liquidation” for major U.S. airlines in 2009.

“The industry’s current structure is unsustainable in the current fuel environment,” said William Warlick, a senior director at Fitch and author of the report.

CNN