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BUSINESS: Delta and Northwest File for Bankruptcy

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posted on Sep, 14 2005 @ 04:18 PM
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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.
 



today.reuters.com
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.


Please visit the link provided for the complete story.


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.

[edit on 9/14/2005 by djohnsto77]




posted on Sep, 14 2005 @ 04:49 PM
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Just to confirm, Northwest did file as well:
money.cnn.com...



posted on Sep, 14 2005 @ 07:09 PM
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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.



posted on Sep, 14 2005 @ 10:09 PM
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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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