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When Covid tightened its grip on the world between February and April 2020, the effect on the aviation industry was devastating. As borders closed, the skies went quiet and airlines searched for somewhere to park grounded aircraft. The industry had to press “pause” — but, in companies’ headquarters, activity reached fever pitch as they raised cash, sold assets and, in many cases, restructured their businesses. The aim was to survive the collapse in passenger numbers and avoid corporate failures — and lawyers were involved at every stage. Few airlines had time to spare. With high fixed costs, the industry burnt through about $150bn in cash within months, says the International Air Transport Association. Calls with lawyers had to be hastily arranged.Read more