The debt "story" is a canard? They have Net Debt to EBITDA of over 4.Probably over 5 by now. Highest in the Industry. Huge Red Flag if you know anything about financials.
I suppose PRASM doesn't matter either? If you want to buy now and sell them in the run up when the market rebounds, but before everyone realizes the stock's still a dog, I don't blame you, there might be money to be made, but it's speculation. It might not come back. I'd still be hesitant to sell on weakness but I wouldn't buy a stock like this to start. They're not a long-term investment caliber stock at present.
I'd buy something hit by contagion today instead of something so speculative. And if you want to speculate, there's some good BRIC stuff that's cheap and the UK banks.