they either pay it down or carry it... it doesn't just go away.
and DP brought a few suitcase loads full of it when he walked in the door.
and you seem to forget that AA has ENORMOUS aircraft purchase commitments... you can call them leases and say they are off balance sheet but it is still debt. And DL doesn't have anywhere near that level of aircraft purchase commitments... and are paying cash for what they are buying.
When the proverbial doo-doo flies for whatever reason - disease, war, economic meltdown - airlines with fewer financial commitments weather the storm better.
It has been proven time and time and time and time again.
nowhere did I say DL is untouchable or that AA isn't moving in the right direction.
I have said that the rosy forecasts that many here have of AA's life post-merger seem to exclude a whole lot of factors that have been known issues for airlines in the past.
Further, I have also said that UA is at a greater risk of implosion for alot of reasons which has the potential to benefit AA.