SOT: Delta going Chapter 11 this week
Sep 12, 2005, 4:34 am
#1
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SOT: Delta going Chapter 11 this week
"Delta may file for bankruptcy on Thursday: WSJ (DAL) By Steve Goldstein
LONDON (MarketWatch) -- Delta Air Lines (DAL) may file for bankruptcy as early as Thursday, The Wall Street Journal reported Monday, citing sources familiar with the situation. Delta is nearing a deal for $1.7 billion in debtor-in-possession financing which will come from creditors led by General Electric Co. (GE) , the report said. Delta will use $1 billion to pay off a GE loan. Delta will have to sell assets including aircraft, spare parts, its Comair regional feeder unit and AirElite private-jet operation, gates at New York City's LaGuardia Airport and routes to Tokyo and London, the report said. A Delta spokesman didn't comment on the report."
LONDON (MarketWatch) -- Delta Air Lines (DAL) may file for bankruptcy as early as Thursday, The Wall Street Journal reported Monday, citing sources familiar with the situation. Delta is nearing a deal for $1.7 billion in debtor-in-possession financing which will come from creditors led by General Electric Co. (GE) , the report said. Delta will use $1 billion to pay off a GE loan. Delta will have to sell assets including aircraft, spare parts, its Comair regional feeder unit and AirElite private-jet operation, gates at New York City's LaGuardia Airport and routes to Tokyo and London, the report said. A Delta spokesman didn't comment on the report."
Sep 12, 2005, 5:59 am
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Originally Posted by parnel
"Delta may file for bankruptcy on Thursday: WSJ (DAL) By Steve Goldstein
LONDON (MarketWatch) -- Delta Air Lines (DAL) may file for bankruptcy as early as Thursday, The Wall Street Journal reported Monday, citing sources familiar with the situation. Delta is nearing a deal for $1.7 billion in debtor-in-possession financing which will come from creditors led by General Electric Co. (GE) , the report said. Delta will use $1 billion to pay off a GE loan. Delta will have to sell assets including aircraft, spare parts, its Comair regional feeder unit and AirElite private-jet operation, gates at New York City's LaGuardia Airport and routes to Tokyo and London, the report said. A Delta spokesman didn't comment on the report."
LONDON (MarketWatch) -- Delta Air Lines (DAL) may file for bankruptcy as early as Thursday, The Wall Street Journal reported Monday, citing sources familiar with the situation. Delta is nearing a deal for $1.7 billion in debtor-in-possession financing which will come from creditors led by General Electric Co. (GE) , the report said. Delta will use $1 billion to pay off a GE loan. Delta will have to sell assets including aircraft, spare parts, its Comair regional feeder unit and AirElite private-jet operation, gates at New York City's LaGuardia Airport and routes to Tokyo and London, the report said. A Delta spokesman didn't comment on the report."
Not surprising! New rules under Chapter 11 come in on the 15th making Officers and Directors more personally liable.
Watch for North West Airlines to file this week as well! You heard it here first!
cheers
Sep 12, 2005, 6:13 am
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Originally Posted by negotiator
Not surprising! New rules under Chapter 11 come in on the 15th making Officers and Directors more personally liable.
Watch for North West Airlines to file this week as well! You heard it here first!
cheers
Watch for North West Airlines to file this week as well! You heard it here first!
cheers
Hey! The post above was my 500th. Wow!
Sep 12, 2005, 6:18 am
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Originally Posted by negotiator
Not surprising! New rules under Chapter 11 come in on the 15th making Officers and Directors more personally liable.
Watch for North West Airlines to file this week as well! You heard it here first!
cheers
Watch for North West Airlines to file this week as well! You heard it here first!
cheers
Congrats on the 500th posts!! Some of those posts are debatable (
) but nevertheless, quite instructive! ^
Sep 12, 2005, 7:02 am
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Originally Posted by negotiator
Hey! The post above was my 500th. Wow!
Sep 12, 2005, 12:41 pm
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I thought it was sometime in October that the BK laws changed, unless that is a different change. There has been talk on the Delta board of a date in mid-October where a law change makes it preferable to file prior to that.
Sep 12, 2005, 12:46 pm
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Location: Richmond, BC, Canada
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Originally Posted by acysb87
My son booked some seats on Delta.They were the best price. 
I told him AC was the right choice,however,what do dads know.
I told him AC was the right choice,however,what do dads know.
Sep 12, 2005, 1:33 pm
#13
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Originally Posted by robsawatsky
If price is the major consideration, I don't see any problem for previously booking Delta or continuing to book Delta. There is no expectation that Delta is going to cut any major services and filing for Chapter 11 at this time is, from what I heard on other reports, a necessity for meeting their new funding arrangements and ensuring they continue to operate.
Sep 12, 2005, 2:18 pm
#14
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Originally Posted by Tractor Boy
I'd agree in the near term. I think most on this forum kept flying AC when they were in protection. Not sure of your son's route ACYSB87 but irrespective of Chap 11, Delta did annouce last week they were scaling back ops through their CVG hub. Also interesting that they are selling 11 of their 762s and sending the rest (2 or 3 I think) to the desert.
,I hope he will be OK.His travel is scheduled in Later October. 
Sep 13, 2005, 7:04 pm
#15
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Looks like DL ain't the only one on the Ch. 11 brink:
http://www.canada.com/businesscentre...b-121c3a003a4f
MINNEAPOLIS (AP) - Northwest Airlines Corp. said Tuesday that it chose not to make $42 million US in debt payments in recent days, suggesting the carrier is conserving its cash ahead of a potential bankruptcy filing. Bankruptcy worries sliced more than half the value off Northwest shares.
http://www.canada.com/businesscentre...b-121c3a003a4f
MINNEAPOLIS (AP) - Northwest Airlines Corp. said Tuesday that it chose not to make $42 million US in debt payments in recent days, suggesting the carrier is conserving its cash ahead of a potential bankruptcy filing. Bankruptcy worries sliced more than half the value off Northwest shares.