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The airline industry is facing a “year of hell” that could be worse than the downturn after the attacks of 9/11, the industry warned. Mike Ambrose, the director general of the European Regional Airlines (ERA), which represents 79 airlines, said he expected the number of carriers around the world declaring bankruptcy to double to at least 70 this year. “We are now up to around 35 this year,” Mr Ambrose said. “I see at least that number over the winter.” Numerous carriers have already been grounded because of a combination of high fuel costs and falling passenger demand. XL, the travel company, was declared bankrupt last month stranding 80,000 passengers and other carriers such as Zoom, Silverjet and Oasis have also been forced to close. However, the worsening economic environment combined with a normal reduction in passenger... [read full story]
