After years of financial maneuvering, high fuel costs send Delta and Northwest Airlines into bankruptcy.
Federal bankruptcy laws govern how companies go out of business or recover from debt. Delta and Northwest are using Chapter 11 of the Bankruptcy Code to “reorganize” their business and try to become profitable again. Management will continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
You can learn more about corporate bankruptcy from the U.S. Securities and Exchange Commission.
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