The second quarter was the first reporting period since the 2002 third quarter that ended with no US legacy carriers operating under Chapter 11 protection, a notable signifier that the world's largest air transport market has finally completed its long and painful slog through restructuring. With the emergence of Delta Air Lines and Northwest Airlines from bankruptcy during the quarter, the positive earnings trends of the past year-and-a-half crystallized with the 10 largest US airlines ...

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