A negative value doesn't say one has no cash on hand. The problems start if you are deep in loans, have no cash in hand, making no profit and have serveral C-Checks at one time.
But if this happens and an airline goes bankrupt it deserved it
I agree 100%.
Sure, I know a neg value means their assets are less than their liabilities. That part is easy.
I am just saying that many airlines, especially those flying intl routes, are extremely cash poor at the moment. It only takes 3-4 of those planes to hit C check for that to really start to hurt big time.
The first C check time usually knocks out a few airlines.