In the wake of September 11, 2001 events, most western airlines find themselves in financial difficulties. In their struggle to stay in the sky, many airlines look for pro-active tools and fitting strategies. The primary focus of this thesis is to discuss the unique characters of the airline business, particularly, within the context of US bankruptcy reorganization law (Chapter 11). After identifying primary competing interests in this perspective, the hypothesis explored is that Chapter 11 bankruptcy reorganization provides a forum that may uniquely address any of the specific needs of the different key players, if invoked strategically. The corporate strategy of "facilitated survival" as provided for within the context of US bankruptcy law is definitely worthwhile for the airline industry to take note of.

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