Discount and charter airline ATA is making a little bit of money — unique among airlines — but not enough to cover upcoming debt payments. They don’t have sufficient assets to pledge against additional loans to cover their $300 million in required payments. On the other hand, with the used aircraft market as soft as it is, Boeing is unlikely to simply want the planes back. I expect ATA’s management to be able to refinance. Since there’s actually some profit rolling in, flexibility will be Boeing’s best shot at repayment.