Make Chapter 11 A Shorter Story

The heads of the big three airlines--American, United, and Delta--are complaining that the bankruptcy laws give ailing competitors an unfair advantage. On Jan. 6, Stephen M. Wolf, UAL's CEO, even wrote Bill Clinton calling for a commission to study the bankruptcy laws. The airline executives argue that the 20% of their industry that has taken shelter under Chapter 11 of the bankruptcy laws can charge bargain prices and force healthier carriers to match the fares or lose market share.

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