Amex withholds $65 million from Northwest

As the result of American Express withholding from bankrupt Northwest Airlines $63 million from ticket purchases make on American Express credit cards, Northwest has filed a motion with the U.S. Bankruptcy Court to release the funds.

Meanwhile Northwest and American Express are negotiating to set a deposit amount, which Amex would withhold from Northwest Amex credit card sales, to provide it some level of protection from Northwest’s financial problems.