The trouble for airlines isn't restricted to the travel volume dampening effect of COVID-19. This crisis has sparked a permanent change in how businesses approach in-person meetings, and business travel may never recover to pre-COVID levels, thanks to online video conferencing. Airlines are also racking up massive debt loads as they struggle to survive, burning through tens of millions of dollars each day. Long term, this debt will hamper their recovery and could lead to some short-term bankruptcies. In addition to the debt, newly issued shares undo years of buybacks and significantly dilute existing shareholders,