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Northwest, Delta flying into bankruptcy
Friday, 02 Aug, 2005
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Northwest and Delta Airlines are likely to file for Chapter 11 bankruptcy protection later this year just before more restrictive bankruptcy laws go into effect, according to news reports.
That could mean declaring bankruptcy in mid-September.
Northwest has been losing $4 million a day during the first six months of 2005. The airline said it needs to reduce costs and address labor expenses.
Delta Chief Executive Gerald Grinstein told employees last week the airline’s effort to cut $5 billion might not be enough to ensure its survival. Delta had a $382 million second quarter loss.
The airline was preparing to file for bankruptcy last October when its pilots agreed to wage and benefit cuts.
Report by David Wilkening
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