Thu, Dec 01, 2005
Judge Also Rules Northwest Can Reject Plane Leases
reported Wednesday the carrier has lost a combined $346 million
during the first six weeks of operating under Chapter 11
bankruptcy. The loss included $136 million in operating costs, and
$158 million in reorganization expenses from the date NWA filed for
Chapter 11, September 14, and the end of October.
During the same period, the carrier posted revenue of $1.57
billion, according to the Associated Press. Northwest said it had
$1.6 billion available in cash and short-term investment capital on
In a related story, a US bankruptcy court judge Tuesday allowed
Northwest to reject leases on 15 Canadair CRJ-200 regional jets
(file photo of type, below). The jets were part of commuter
operator Pinnacle Airlines' fleet, and had been used to fly
Northwest Airlink regional routes for the bankrupt carrier.
Wells Fargo Bank, which held the paper on the aircraft, accused
Northwest of favoring its other lessors at the expense of the San
Francisco-based financial giant. The court viewed the issue
differently, as Northwest hopes to reject leases on as many as 200
aircraft as part of its slimming down during restructuring.
Northwest had previously reported losing $475 million for the
quarter that ended September 30. Overall, the carrier has said it
expects to lose $1.7 billion for the year.
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