Paycuts? In BK again? Otherwise there won't be any. Also layoffs. Well, all but 700 of the DL pilots still have a no furlough clause that includes price of fuel and the economy as reasons you cannot furlough. They could try force Manure, but would probably lose in court afterwards. So, they would be furloughing more on the side that doesn't have a no furlough clause, and a side that has gas guzzlers. I'd say your guys better "get er done...."
Also, if oil does go a lot higher, I would think a few more airlines will unfortunately be ceasing operations, and that will help the legacies with enough cash on hand to get through this. A few LCCs probably won't make it, and even though Southwest is pouncing on DEN and could try to expand a bit more, they won't be everywhere. They may try, but they won't be able to.
Bye Bye--General Lee