Contrary to conventional wisdom, "there is no clear evidence" that US airlines operating under Chapter 11 bankruptcy protection "harm the industry by contributing to overcapacity or underpricing their competitors," according to a new study by the US General Accounting Office, the investigative and research arm of Congress. Furthermore, GAO found that in individual markets and industrywide, "the liquidation of major airlines has had only a very temporary or negligible effect on capacity, as ...

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