ALL IS FAIR IN LOVE AND WAR - ANDY MANSELL AND AIR FINANCE JOURNAL

The recovery has no interest in being fair. In the USA the top carriers are selling off the family silver to release liquidity as we are seeing with United and American, which are putting up slots and mileage programmes as loan collateral. They worked hard to restructure and to achieve roughly 50% of the world's airline profits, but in a matter of months that has all unravelled. Some positive news emerges as ALC achieves 3.375% pricing on its recent offering.