Bankrupt Airlines information
Bankrupt Airlines - If you have purchased a ticket on a US airline that ceases operations, you may be able to stand-by for a flight on another US airline.
Section 145 of the US Aviation and Transportation Security Act "requires, at a minimum, that passengers holding valid confirmed tickets, whether paper or electronic, of the insolvent or bankrupt carrier must be transported by other carriers who operate on the route for which the passenger is ticketed on a space-available basis on the date of travel shown on the ticket or other documentation demonstrating e-ticketing, without significant additional charges." The amount of additional charges are at the discretion of the accommodating airline. This provision applies only on US airlines if you make "alternative arrangement within 60 days after the date on which that passenger's air transportation was suspended,interrupted, or discontinued (without regard to the originally scheduled travel date on the ticket)." Non-US airlines are not required to comply with the above.
Bankrupt Airlines Information For U. S. Airlines