Auto companies and airlines are getting hammered by the recession, and although two of the nation's major carmakers have gone into bankruptcy court protection, the leading U.S. carriers are flying above the carnage -- for now.

Make no mistake, many business travelers -- the most profitable customers for an airline -- have been grounded and other passengers have moved from first-class to coach. To lure nervous vacationers, carriers have slashed summer fares, resulting in less revenue.

All the major U.S. carriers except Southwest lost money last year, and the worldwide industry is expected to lose $9 billion this year,nearly double what was predicted in March.

Still, no major U.S. airline is in bankruptcy court protection, and here are some reasons:

Q. Why aren't airlines in bankruptcy court protection?

A. "They [already] went through bankruptcy in the last downturn, and they're still benefiting." said Michael Derchin, an analyst for FTN Equity Capital Markets.

Delta Air Lines, United parent UAL Corp. and US Airways Group Inc. used the bankruptcy-court process to reduce debt and cut labor costs earlier this decade. They emerged leaner, with fewer liabilities -- some dumped pension obligations -- and with less debt. Others got concessions from their unions, which put all of them in better shape to survive when the recession hit.

Q. What are the airlines doing to avoid a relapse?

A. Stocking cash. Southwest has raised nearly $1.4 billion since the third quarter of last year, pushing its kitty to $2.3 billion. It sold several jets and leased them back.

US Airways, which many analysts say has a weaker balance sheet than other carriers, and JetBlue Airways raised money in recent weeks by selling debt that can be converted to stock.

Even the weaker carriers are likely to get through this year, said Bill Warlick, an analyst with Fitch Ratings. He rates UAL, US Airways and AMR as the most troubled, and puts Continental and Delta next, with the low-cost carriers such as Southwest in better shape, partly because they're not exposed to the weak international-travel market.

Q. How are airlines responding to the downturn in travel?

A. They're shrinking. Delta and American announced this week that they'll make even deeper capacity cuts -- offering fewer flights or using smaller planes -- once the peak summer vacation season is over. Continental hinted it will make a decision in about a month, and analysts say they expect United will, too.