Posted: 9/14/2005 1:11:18 PM EDT
http://www.foxnews.com/story/0,2933,169401,00.html
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NEW YORK — Delta Air Lines Inc. (DAL), the No. 3 U.S. airline, on Wednesday filed for bankruptcy protection, brought down by high oil prices and steep competition from low-cost carriers. Rival Northwest Airlines Corp. (NWAC) was considering doing the same. Delta, which has struggled to avoid bankruptcy for several months and had said earlier this year it did not have enough cash to meet its liquidity needs in 2005, filed for Chapter 11 protection (search) in the U.S. bankruptcy court in the Southern District of New York. Delta became the third major U.S. airline operating under court protection, dramatizing the industry's struggle with soaring oil and competition from low-cost carriers. The sector's woes went from bad to worse this month as refinery outages caused by Hurricane Katrina (search) sent jet fuel prices spiking. U.S. airlines are expected to post some $10 billion in losses this year. Atlanta-based Delta's woes have been compounded by a crushing debt load of more than $20 billion and one of the industry's biggest underfunded pension burdens. Founded in 1928, Delta became a top international player by taking over many routes from defunct Pan Am (search) in 1991. It has faced an uphill battle to recovery after getting hammered by the Sept. 11, 2001, attacks and the slowdown in flying that followed. |
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We were expecting it here in ATL. Hopefully they will still honor our frequent flyer miles. My brother and many of my friends work there. With all the pay cuts, etc.. moral sucks pretty bad at Delta. Hopefully this is the beginning of the end of the nightmare they have been going thru. |
I am still on a 3 year leave from when they downsized DFW . I just hope I keep my flight benefits. |
Restructuring FAQs About SkyMiles |
Well, today it was worth something like $.87, tomorrow it will be worth a bit less, probably. And when the bankrupcy court cancels the stock it will be worthless. |
| Delta,the first airline to fly the Douglas DC-8,the Douglas DC-9,the Convair CV-880,the McDonnell Douglas MD-88. First to fly all American airliners then in production,the DC-8,B-707,and the CV-880. First to fly all Jumbo airliners then in production-DC-10,B-747,and the L-1011 Tristar. One of the first airlines to fly the L-100(C-130). Still a holder of the absolute speed record across the US by an airliner-9 Feb 1960,CV-880,San Diego-Jacksonville FL. 3 hrs 31 minutes 54 seconds,distance 2359 miles. |
| Until the airlines march in lockstep to Capitol Hill and tell Congress to get rid of the TSA, the airlines can pound sand. I'm sorry if that's cruel and heartless, and I know the country needs the airlines, but they are losing business because many people are silently protesting the TSA and either driving or simply not traveling. |
TSA might be a bunch of 'tards, but it's not that bad. 
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