In 1990, Continental placed it's self in Chapter 11 protection, when she emerged, she sported a new color scheme and an updated managment. In 1994, Continental Lite was set up to compete with Southwest and United Shuttle, but was abandoned after heavy losses. In 1999, Continental went about the task of replacing her aging fleet. All 737-100/200s and DC-9s have since been retired. Continental is gaining small profits, but continues to show poor ecnomical performance. Chances are that the airline will continue to grow and get better.
In 1991, America West flew under Chapter 11 bankruptcy protection with a drastically smaller fleet (including the selling of their two famous 747s) and unprofitable routes were given up. America West emerged in 1994 with a new color scheme and new aircraft (A320). Time has been good to AmWest and profits are soaring.
In 1996, Kiwi International Airlines entered Chapter 11. Many 727s were sold and routes given up, but in 1997, she emerged and is set to recommence expansion.
In the early 1990s, Trans World Airlines entered Chapter 11, but emerged in 1995 with a new color scheme and is now half owned buy it's employees and has a new "corporate identity". New aircraft have been ordered and new routes introduced, however, TWA continues to show poor economical performance.
The early to mid 1990s were a tough time for the airlines, but as you can see, most pulled through. As for American Airlines, I just heard that they were having labor problems, maybe that is old news, but I thought I should say it anyway.