I don't think that XL was a "flaky" airline, i used them a few times and they were very good , regards service, punctuality and price and they actually flew you to an airport that was near to where you wanted to be
they went for a rapid expansion . piled up the debt and now fuel costs added to the debt and there was little room to manoeuvre in trying to re-finance their debt. This could have a real knock-on effect on many jobs let alone those who have today just lost theirs.
Its not good news for travellers at all as there is now less competition and that will mean higher prices , perhaps we have to be realistic and realise that prices will keep going up as all companies are now struggling and with people now having less money to spend there will be a drop in demand which could cause even bigger problems for airlines and operators. Its not unreasonable to think that any of them could end up in trouble.
i'm looking to book a holiday soon and will go with a package (usually diy) and pay with a credit card (no change there, i haven't got any money) but it would still be dreadful to arrive at the airport and face what the XL customers experienced today regardless of being able to be reimbursed.