Add in the fact while UA and US in the early 00s used BK to shed their pension obligations both NW and DL did not. In fact the combined entity currently has a pension shortfall of over $11B to bring it up to 100% funded.
I'm not so quick to think there may be no value here. I'll probably be buying some other secured bonds that are not tied to any airframes.
I completely agree that Eagle is going to take a huge hit.
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