Safer to buy
The first thing to note is that if traffic simply does not return, either due to another wave of outbreaks, economic difficulties, changing consumer preferences, or some combination of all three, no airline is safe. There are very few businesses that can survive indefinitely with little revenue coming in, and certainly no airline that can.
However, in anything other than the worst-case scenario, and even in Calhoun's slow recovery into the fall and 50% by year's end, there are airlines that look like they have the wherewithal to definitely survive.
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