1. US Airways: First--I just want to put out a warning to those of you planning to book flights on US Airways or who have frequent flyer miles on US Airways. Beware--analysts are predicting that US airways will likely re-enter bankruptcy proceedings in September.

What make this unusual is two factors: (1) US Airways emerged from bankruptcy about one year ago--but its costs are still out of control relative to low cost airlines eating its lunch at major hubs. (2) Some analysts are now estimating that the value of a liquidated US Airways may well exceed the value of the assets as an ongoing concern. That could be the end...

Bottom line-it is not beyond the realm of possibility that US Airways could disappear from the landscape. So be careful about booking paid flight on US Airways more than two months from today. And use your US Airways frequent flyer quickly--preferably booking on a partner airline such as United. Refer to this link for more details:

http://www.travelexpert.com/travelnews

2. United is still struggling to emerge from bankruptcy, 20 months after entering Chapter 11. Check UAwatch.com regularly for status updates and a detailed analysis regarding the airline's prospects.

3. Delta is still in a deadlock with its pilots union as it tries to wring savings and reduce labor costs. The two sides are still far apart, and Delta edges closer to bankruptcy as sky high costs threaten its viability. I think bankruptcy is likely, but just as with United-do not see any imminent threat to paid reservations on Delta or concern about the viability of frequent flyer miles at this point in time.