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Northwest Airlines and Delta Air Lines, two of your main US carriers, are each preparing to seek bankruptcy protection as soon as right now,cheap Ray Ban Sunglasses UK, The New York Occasions said final night.
The report,Ray Ban UK, citing people today close to each organizations, mentioned Northwest and Delta have been every finishing the information of their reorganisation plans, like the financing that they will demand to operate beneath bankruptcy protection.
Northwest shares plunged almost 53% just after the reports. Delta, whose shares had already been decimated by bankruptcy rumors in current weeks,Ray Ban Wayfarer, fell another 8%.
When the petitions are filed,Ray Ban Wayfarer Glasses, that would leave 4 of the six so-called 'legacy' airlines operating below bankruptcy protection. United Airlines filed for bankruptcy in December 2002,Ray Ban Sunglasses, reeling from heavy debts plus a slump in passenger numbers that followed the attacks on the US of September 11 the year just before. It hopes to emerge from bankruptcy early subsequent year.
US Airways filed for Chapter 11 protection from its creditors in September 2004, fewer than 18 months after emerging from a preceding bankruptcy filing, possessing failed to win enough concessions from its unions. It has reached a deal to merge with low-cost airline America West.
Only Continental and American Airlines among the standard carriers have managed to avert bankruptcy so far,Cheap Ray Ban Sunglasses.
But the complete sector has been in slump because the September 11 attacks along with the ensuing slump in air travel. The industry's woes have already been exacerbated by an unprecedented surge in fuel costs.
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