The rapid embrace of low-cost carriers by European travelers has sent shockwaves through the airline food chain, and although embattled former flag carriers may be shouting the loudest, the impact also is felt at those that formerly operated under the radar. Lacking a government owner/protector or a defendable niche, many of Europe's small privately owned airlines are in a competitive no man's land, caught up in the slugfest between money-losing legacy carriers and their LCC ...

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