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Delta and Northwest Airlines Bankrupt on Same Day |
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Airline News
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Source: AeroSpaceNews.com
Both Delta and Northwest Airlines filed for “Chapter 11” bankruptcy protection 14 September 2005, according to published reports. Rumors had been flying about Delta in recent days, and Northwest was in the middle of a labor battle of epic proportions.
Chapter 11 is intended to allow for reorganization and both carriers have stated that they will maintain their regular schedules and services as they work through their troubles. They have company for their financial misery as United and U.S. Airways are also under Chapter 11 reorganization.
Soaring fuel prices and the recent economic effects of hurricane Katrina are also thought to have pushed the carriers over the edge. |
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