United Kingdom
United States
Asia Pacific
Delta exits Chapter 11
Delta Air Lines has won approval to emerge from Chapter 11 bankruptcy protection after a year and a half.
A US bankruptcy court in New York gave the go-ahead for the Atlanta-based carrier to exit Chapter 11 on Monday following a $3 billion turnaround plan.
The airline cut about $1 billion in labour costs, reduced capacity on US domestic routes and boosted international services since entering Chapter 11 in September 2005.
Delta now forecasts a pre-tax profit of more than $800 million this year against a loss of more than $450 million in 2006.
The airline had debts of nearly $19 billion and accumulated losses of $7.5 billion between 2001 and 2005 through high costs and low fare competition in the wake of the 9/11 terrorist attacks.
Delta, which is lobbying hard to start transatlantic flights from Heathrow following the EU-US open skies agreement, believes international expansion and lower costs will help it offset any US domestic downturn.
by Phil Davies
Phil Davies
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Gatwick braces for strike