This week we speak with industry veteran and PwC consultant Dick Forsberg about the exceptional levels of indebtedness taken on by airlines that "may yet trigger" additional restructuring measures. Forsberg argues that heavy debt burdens "will likely" keep the lessor share of fleet financing above 50%; however, will this funding channel continue to increase in a low-return environment? We discuss the sell-off of loyalty programmes. Are airlines moving toward a Marriot-style business model or simply delivering a brand to customers?