San Francisco Chronicle, Nov. 20, 2008 by Kathleen Pender
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/20/BUVG147QK6.DTL&type=printable
“It’s a way to give companies a fresh start,” says Jesse Fried…. “Airlines have gone into bankruptcy to get out of all sorts of pension obligations, to eliminate debt or replace it with equity, to renegotiate aircraft leases. This process, even though it is very painful for many parties involved, allows more value to be preserved for all parties collectively than would be the case if the company failed outside of bankruptcy and was ripped apart by its creditors.”