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Mon, Sep 12, 2005

Delta Could Go Bankrupt This Week

Board Meets In Special Session, Heightening Speculation

Delta Airlines will file for bankruptcy in New York as early as Wednesday, according to an aviation industry source quoted by the Associated Press. The airline's long struggle to remain solvent is apparently lost and Delta is now working with debtors like GE Financial to arrange debtor-in-possession financing.

Delta has lost almost $10 billion since the airline industry hit the wall in September, 2001. The unnamed consultant told AP the airline has taken loans on just about everything it owns in order to stave off a trip to federal court.

There is nothing unencumbered after this," the source told the wire service.

If Delta filed bankruptcy as predicted, it would be the third major carrier to ask the courts for financial protection since 9/11. United Airlines and US Airways have already filed. Both remain in bankruptcy, with US Airways hoping to emerge in partnership with America West.

FMI: www.delta.com

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