Former Spirit Airlines CEO Ben Baldanza, currently director of JetBlue and India’s GoAir, speaking of the airline industry’s recovery on CNBC’s Squawk Box:

You don’t fill an airplane overnight. You have to have that booking curve … so four to six weeks before the flight starts you have to have very active bookings. So if an airline wants to fly full in the fourth quarter, it’s gonna have to be booking aggressively in August or in September. I’m not sure that I see that right now I think the fourth quarter of this year has a better chance to be more normal. I don’t mean as high as last year, and I don’t mean sort of at full levels, but I think the fourth quarter. This year is the first quarter that the airlines can think that maybe there can be some semblance of positive cash flow and a sign that things are coming back.