Airlines have been complaining that late deliveries of planes from Boeing (NYSE: BA) and Airbus are hurting their business. They wanted bigger new plans to expand routes and add to fuel-efficiency.

Now, many of the passengers are gone and airlines are cutting their fleets. According to The Wall Street Journal, "For the industry, it's great that the 787 and the A380 are late because it means less capacity," said Robert Milton, head of Canada's largest airline. Perhaps the two airplane manufacturers will never deliver their new planes at all. No such luck.

What are the airlines to do now? They still have huge orders in for the new aircraft, planes that they may not be able to use effectively for years. As long as the airlines are operating as normal businesses, they have obligations to take delivery of the products.

The whole matter may be another argument for why some large US carriers may opt for Chapter 11. With fuel prices continuing to move up and no drop in sight, making profits may be impossible. Most airlines also carry heavy debt loads on top of their substantial obligations to buy more planes.

Airlines may not be able to cancel orders for new aircrafts, but in a bankruptcy, the contracts with Boeing and Airbus might be dissolved.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.