In its most recent financial findings, Delta Air Lines said total losses for the first nine months of this year would reach almost $3 billion.
“Delta one step closer to Chapter 11,” reported ATWOnline, the Website of Airline Management.
“A continuation of losses at the present rate would bring cash well below $1 billion by year end, forcing a Chapter 11 bankruptcy filing before that time, perhaps in the very near future,” said the Website.
Delta said it needs an additional $800 million in new financing in 2005 and must defer $325 million of debt payments due next year.
The airline blamed some of its troubles on fuel prices that continue to rise.
Report by David Wilkening
