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Sat, Sep 17, 2005

Ouch! Delta Bankruptcy Filing 'Ninth Largest' In US History

Largest in 2005

With total assets of $21,801,000,000 (as reported on its latest Annual Report on Form 10-K) Delta Air Lines, Inc. (DAL) became the largest corporation to file for bankruptcy in 2005 and the ninth largest public company bankruptcy in history, according to www.BankruptcyData.com. Delta's September 14th bankruptcy filing also represents the second largest airline filing of all time.

To date, the largest airline to file for Chapter 11 is UAL Corp who listed $25,197,000,000 in assets at the time of their December 9, 2002 filing.

Delta's filing, along with yesterday's Northwest Airlines Corporation Chapter 11 filing, means that four major airline carriers are now under bankruptcy protection. Those four airlines, US Airways Group, Inc. (UAIRQ), Delta (DAL), Northwest (NWAC), and UAL Corp. (UALAQ), listed a total of $63,696,000,000 in assets upon filing. To date, the total assets of the 61 publicly traded companies filing for bankruptcy in 2005, including Delta, now sits at $53,492,000,000.

Largest Airline Bankruptcies 1980 - 2005

Company           

Ch11 Date

Assets
UAL Corp. (UALAQ) 09-Dec-02 $25,197,000,000
Delta Air Lines, Inc. (DAL) 14-Sep-05 $21,801,000,000
Northwest Airlines Corporation (NWAC) 14-Sep-05 $14,042,000,000
US Airways Group, Inc. (UAIRQ) 12-Sep-04 $8,349,000,000
US Airways Group, Inc. (UAIRQ) 11-Aug-02 $7,941,000,000
Continental Airlines Holdings, Inc. (CAL) 03-Dec-90  $7,656,140,000
Eastern Air Lines, Inc. (Liquidated) 09-Mar-89 $4,037,000,000
Trans World Airlines, Inc. (TWAIQ) 31-Jan-92  $2,864,530,000


FMI: www.BankruptcyData.Com

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