Airline Ills Outlast Last Resort

Maybe bankruptcy isn't so grand after all.

Despite bankruptcy's prevalence in the airline industry and the recent success of US Airways (LCC Quote) -- which filed for bankruptcy protection in both 2002 and 2004 -- it's becoming clear that, largely because of higher fuel costs, the recent round of legacy airline filings aren't yet curative.

First-quarter results reported last week were decidedly mixed for bankrupt carriers. United Airlines parent UAL Corp.(UAUA Quote) -- just months after emerging from three years under bankruptcy protection -- said it's back to the drawing board for $700 million more in annual cuts.

Delta Air Lines(DALRQ Quote) cut its losses and said it will lose just $6 million in March, but performed badly relative to its peers. Northwest Airlines (NWACQ Quote) also cut its losses and, relative to its peers, performed well. ...