Delta Air Lines filed for bankruptcy protection today as higher jet fuel prices dealt a final blow to the struggling carrier. Delta has become the
third U.S. air carrier that is currently under bankruptcy court protection. Northwest is also reportedly close to bankruptcy and is suffering a strike
by the mechanics union.
NEW YORK, Sept 14 (Reuters) - Delta Air Lines Inc. (DAL.N) is expected to seek bankruptcy protection later on Wednesday, a source familiar with the
situation said, as rival Northwest Airlines Corp. (NWAC.O) considers doing the same.
Delta would become the third major U.S. airline operating under court protection, dramatizing the industry's struggle with soaring oil and
competition from low-cost carriers.
The sector's woes went from bad to worse this month as refinery outages caused by Hurricane Katrina sent jet fuel prices spiking. U.S. airlines are
expected to post some $10 billion in losses this year.
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This is a shame, I always thought Delta was the best U.S. air line. I hope they are able to recover and don't go totally out of business.
Update: Northwest has also filed, see the link below provided by MCory1.
for what they charge for tickets, how can they not be in buisness? To many ceo's making 30 million a year, cut it back to 1 and stay in buisness.
Or how about not using oil for fuel, or how about realizing if its bankrupting you what its doing to everyone else with these outragous prices.
Goodbye, hopefully good buisness's or a new fuel source will rise.
I have to agree! I have a hard time feeling bad for a failing company when they have such overpaid CEO's. What is the point of having such a great
leader when your company is going under? Sure, if he/she can save a company maybe they are worth it, but that doesnt seem to be the case here.
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