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Delta Air, Northwest file for Chapter 11
Reuters ^
| Wed Sep 14, 2005 5:16 PM ET6
| Christian Plumb and Jui Chakravorty
Posted on 09/14/2005 2:48:12 PM PDT by Jackknife
NEW YORK (Reuters) - Delta Air Lines Inc. (DAL.N: Quote, Profile, Research) and Northwest Airlines Corp.(NWAC.O: Quote, Profile, Research) filed for Chapter 11 bankruptcy protection on Wednesday, according to court documents.
Delta, the No. 3 U.S. airline, which earlier this year said it did not have enough cash to meet its liquidity needs in 2005, filed for protection in U.S. bankruptcy court in the Southern District of New York.
"The action we have taken is a necessary and responsible step to preserve Delta's value for our creditors, customers, employees, business partners and other stakeholders," said Delta Chief Executive Gerald Grinstein in a release. "Delta is open for business as usual and will continue normal operations throughout the reorganization process."
Minnesota-based Northwest, whose mechanics have been on strike since August 20, filed for Chapter 11 protection in the U.S. Bankruptcy court in Manhattan.
(Excerpt) Read more at today.reuters.com ...
TOPICS: Business/Economy; News/Current Events
KEYWORDS: delta; northwest
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Well, we all knew it would happen.
1
posted on
09/14/2005 2:48:15 PM PDT
by
Jackknife
To: Jackknife
Don't worry, Delta, we'll bail you out yet again. All we ask is for you to not pay us back and to please go bankrupt again in another 10 years. Thanks.
2
posted on
09/14/2005 2:51:10 PM PDT
by
NJ_gent
(Crouch down and lick the hand that feeds you; and may posterity forget that ye were our countrymen.)
To: Jackknife
Delta and Northwest airlines was supposed to merge into one airline come November.. I wonder what they will do now..
3
posted on
09/14/2005 2:54:10 PM PDT
by
Xenophobic Alien
("It gives me a headache just trying to think down to your level.")
To: Xenophobic Alien
Maybe they'll do something dramatic like produce a product the customer actually wants.
4
posted on
09/14/2005 2:58:42 PM PDT
by
Moonman62
(Federal creed: If it moves tax it. If it keeps moving regulate it. If it stops moving subsidize it)
To: Moonman62
Well, if they aren't careful, they could end up with Eastern.
5
posted on
09/14/2005 3:00:50 PM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: Xenophobic Alien
Delta and Northwest airlines was supposed to merge into one airline come November.. I wonder what they will do now..That was one of my first thoughts. As Jethro Bodine once said while ciphering .....
"Naught plus naught equals naught."
6
posted on
09/14/2005 3:05:15 PM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: Jackknife
Don't Ever Leave The Airport
7
posted on
09/14/2005 3:15:29 PM PDT
by
MikefromOhio
(The better team won..... Hey Fox News, MORE MOLLY, LESS Greta van Talksoutthesideofhermouth)
To: MikeinIraq
8
posted on
09/14/2005 3:16:29 PM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: Jackknife
The unions at Eastern were somewhat violent and stupid. They promised that they would last one day longer than the airline and they did, most of them losing a pay level they would never see again. There was also the wrongly vilified Frank Lorenzo, who was banned by Congress from ever owning an airline again. I don't think Northwest and Delta quite have those negatives.
9
posted on
09/14/2005 3:19:22 PM PDT
by
Moonman62
(Federal creed: If it moves tax it. If it keeps moving regulate it. If it stops moving subsidize it)
To: Moonman62
You are right about that. I guess I meant that if they continue to dissatisfy customers, they will end up extinct.
10
posted on
09/14/2005 3:23:32 PM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: Xenophobic Alien
Delta and Northwest airlines was [sic] supposed to merge into one airline come November..
Says who? I work for a regional affiliate of Northwest, and this is the first I've heard of that.
11
posted on
09/14/2005 3:40:31 PM PDT
by
xjcsa
(The Kyoto Protocol is about as futile as sending seven maids with seven mops to rid a beach of sand)
To: Jackknife
Another American industry being destroyed by labor unions.
To: Jackknife
Aside from American, are there now any so-called "legacy carriers" who aren't in bankruptcy?
13
posted on
09/14/2005 4:53:29 PM PDT
by
okie01
(The Mainstream Media: IGNORANCE ON PARADE)
To: okie01
You know, that is a great question. Some FReeper research may be in order here.
14
posted on
09/15/2005 3:37:06 AM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: uncitizen
Another American industry being destroyed by labor unions.Labor unions have long past run their course of use. The original intent may have been noble, but we all know what has happened to them.
15
posted on
09/15/2005 3:39:37 AM PDT
by
Jackknife
( "I bet after seeing us, George Washington would sue us for calling him 'father'." —Will Rogers)
To: uncitizen
"Another American industry being destroyed by labor unions."Yep, just like the auto industry and the public education industry.
16
posted on
09/15/2005 3:46:12 AM PDT
by
RushLake
(Proud father of a United States Marine)
To: Jackknife; A. Pole
Deadbeat companies.
But I'm sure the new bankruptcy laws will teach them a lesson!
To: NJ_gent
Don't worry, Delta, we'll bail you out yet again. All we ask is for you to not pay us back and to please go bankrupt again in another 10 years. Thanks. Oh--I guess the new bankruptcy laws are for citizen deadbeats only.
To: Xenophobic Alien
Delta and Northwest airlines was supposed to merge into one airline come November.. I wonder what they will do now.I'm not sure your information is accurate, but a prime example is America West and US Airways merging right now. Both airlines went into bankruptcy.
19
posted on
09/15/2005 4:00:22 AM PDT
by
Erik Latranyi
(9-11 is your Peace Dividend)
To: RushLake
"Another American industry being destroyed by labor unions." Yep, just like the auto industry and the public education industry.
You forgot the steel industry.
And BTW, the grocery unions are in a lot of trouble as i'm sure you know. You'd think that if any industry could survive during this de-unionization period, it would be those industries that cannot be moved overseas. Oh but wait, here comes WalMart to blow that restriction right outta the water.
Unions are dying real fast.
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