All four carriers subsequently emerged from bankruptcy protection.

Yet the market could quickly adapt to alleviate those changes, economists argue, and experience has shown that carriers can emerge healthier from bankruptcy.

To be sure, the Delta executives could make a bundle if the carrier remains independent and emerges from bankruptcy.

Airline executives and analysts say that about five major European carriers - efficient and truly international - will emerge by the mid-1990's.

As a result, MCI Communications and other new carriers emerged.

Its regional carrier, Crossair, emerged as the new flagship carrier.

When the carrier emerged from bankruptcy in April 2003, it immediately ran into strong competition from low-fare airlines.

Employees own about 45 percent of T.W.A., after exchanging $660 million of concessions for three years to help the carrier emerge from bankruptcy.

The carrier emerged from the yard on 14 March and began loading planes, ammunition, and supplies for transportation to Pearl Harbor.

Both carriers, now privately held, have emerged from bankruptcies.