Two major airlines have already entered a bankruptcy/restructuring procedure. Although both Virgin Australia and South African Airways are bullish about their perspectives to survive that process. After witnessing a “run on the bank”, the first thing both programs did was to suspend redemptions in their Frequent Flyer Programs Velocity and Voyager. There is no reliable schedule when such redemptions may resume and under what conditions. While it might be too late for these two programs, make sure to apply one valuable piece of advice for any other program: If you have the slightest doubt about the survival of your program operator, cash in your points as quickly as possible – and ideally on more stable partner airlines. There is no guarantee that such bookings would be honoured in case of a bankruptcy, but it is probably the best you can try. Avianca has filed for bankruptcy as well, but its LifeMiles program (still) allows redemptions.