Liquidations possible for future bankrupt airlines-S&P

NEW YORK, July 25 (Reuters) - Liquidations may be more likely if U.S. airlines go through another round of bankruptcies, as it would be harder to squeeze out cost cuts through reorganization, a Standard & Poor's airline analyst said on Friday.

It may be more difficult to reorganize because there is "less left to fix" after the restructurings that came in the wake of the Sept. 11. 2001 attacks, S&P credit analyst Philip Baggaley said on a conference call.

Moreover, high fuel costs, the major problem facing airlines now, cannot be fixed by Chapter 11 reorganization, he said. (Reporting by Dena Aubin; Editing by Tom Hals) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))