As the Covid turmoil continues, we focus on progress as the airline financing industry battles to ensure sustainability of a healthy industry after the pandemic. We also examine practical questions of concern to investors and consider the position of the many investors in aircraft ABS in the still unlikely event that they might come under stress, compared with lenders and lessors. State bailouts and Government finance packages across the world continue to be a key part of the response to the crisis, as are posited solutions, such as aircraft recycling. The end of the Boeing-Embraer JV is assessed, as are the first emerging crisis-affected financial results from airlines, and from the major OEMS, Boeing and Airbus.