In recent years, the business world has undergone major changes. Giants in the banking, electronics, and other industries that once stood as tall as mountains have fallen. One of the most dramatic scenes has been the fight for the skies. Bankrupt and beaten down, many of America’s oldest airline companies (often called “legacy’s airlines”） are struggling to survive.
banking：銀行業務
undergo：経験する
scene：事件
bankrupt：破産
beat down：打ち負かす
At one time, a handful of these airlines, including United, Delta, and Northwest, were the kings of the skies. Confident and powerful, they brought in healthy profits as air travel spread.
at one time：かつて
a handful of： 一握りの
confident：自信に満ちた
bring in：(金を)稼ぐ
The late 20th century, however, wasn’t so kind to the legacy airlines. Their management, labor, and cost structures were becoming major burdens. At the same time, several smart, younger companies, like Southwest and JetBlue, stepped onto the stage.
major：とてつもない
burden：負担、重荷
step onto the stage：参入する、登場する
(ref.) take center stage：脚光を浴びる
Running an airline is no easy task. Besides buying and maintaining airplanes, renting space at airports, and paying for security, airlines spend a lot of money on fuel is and labor. Oil prices have risen sharply since 1998. Meanwhile, legacy airlines have labor costs and pension plans that total billions of dollars per year. Add in the competition from low-cost airlines, and things start to look really bad. Indeed, between 2001 and 2004, U.S. airlines lost a combined $32.3 billion. When losses
are that large, companies start to fold.
sharply：急に
pension plan：年金制度
combined：連結の
fold：(事業など)を停止する
In 2002, both US Airways and United Airlines went bankrupt. US Airways soon emerged
from its debts, but it filed for bankruptcy again in 2004. The following year, with oil at $70 a barrel, Northwest and Delta both declared bankruptcy.
go bankrupt：破産する
emerge：(苦境から)抜け出す
a barrel：1バレルにつき ※バレル＝容量の単位
declare：公表する
bankruptcy：破産、倒産
file for bankruptcy：倒産を申請する
Trying to regain their financial health, the legacy airlines have made a number of moves. Changes include cutting salaries, simplifying the ticket pricing system, and installing “self-check-in” counters at airports.
legacy airline：老舗の航空会社
Airlines are also cutting back on the amount of food and drink that passengers are given during flights. Will these moves be enough to save the big airlines from completely disappearing? Or will one or more of the smaller airlines step up to become the new kings of the sky? In these troubling times, there are no easy answers.
cut back on X：Xを控える、Xを低下させる
step up：上がる