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Delta and Northwest File Bankruptcy

Delta and Northwest File Bankruptcy

September 18, 2005 By Gus in Miami: Travel News

Delta Airlines, the nation’s third-largest carrier, has lost nearly $10 billion over the last four years. In September 2004, Delta announced it would shed its Dallas hub as part of a sweeping turnaround plan aimed at saving the airline.

But these drastic cuts did not work.

After years of financial maneuvering, high fuel costs are pushing Delta and Northwest Airlines into Chapter 11 bankruptcy.

Delta listed its total debt at $28.3 billion and assets at $21.6 billion. The asset figure makes Delta’s bankruptcy the ninth-largest in U.S. history.

They became the third and fourth major carriers to enter Chapter 11 since the 2001 terrorist attacks.

Via: ABC News

Related Categories: Miami: Travel News,

Gus Moore heads up Miami Beach 411 as site administrator. You can reach him at 1-305-754-2206.

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