US bankruptcy laws and unfair competition
If a US-based airline ever seeks an "Open Skies" arrangement involving one or more EU cities, the EU could raise the US bankruptcy laws as an element of unfair competition. I seriously doubt Sabena, of Belgium, had the array of options, when it went bankrupt as did several US airlines. As everyone knows, Sabena had to liquidate, while few of the US-based airlines, which have filed for bankruptcy, have suffered the consequence of liquidation.
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