Published at Wednesday, March 20th, 2019 - 14:15:01 PM. Type of airline. By Adelinda Simon.
Congress passed the Air Transportation Safety and System Stabilization Act (P.L. 107-42) in response to a severe liquidity crisis facing the already-troubled airline industry in the aftermath of the September 11th terrorist attacks. Through the ATSB Congress sought to provide cash infusions to carriers for both the cost of the four-day federal shutdown of the airlines and the incremental losses incurred through December 31 2001 as a result of the terrorist attacks. This resulted in the first government bailout of the 21st century. 43 Between 2000 and 2005 US airlines lost $30 billion with wage cuts of over $15 billion and 100 000 employees laid off. 44
Airline financing is quite complex since airlines are highly leveraged operations. Not only must they purchase (or lease) new airliner bodies and engines regularly they must make major long-term fleet decisions with the goal of meeting the demands of their markets while producing a fleet that is relatively economical to operate and maintain; comparably Southwest Airlines and their reliance on a single airplane type (the Boeing 737 and derivatives) with the now defunct Eastern Air Lines which operated 17 different aircraft types each with varying pilot engine maintenance and support needs.
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