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Wed, Nov 17, 2004

Despite Financing, Concessions, Delta Issues Another Bankruptcy Warning

Airline Says High Fuel Prices May Drive It Under

A billion dollars' worth of pilot concessions and another $1 billion in financing from the likes of American Express and General Electric may not be enough to save Delta Airlines from bankruptcy, according to airline executives in a filing with the Securities and Exchange Commission.

The airline reported, by 2006, it would need to:

  • Defer another $175 million in debt
  • Find up to $150 more in financial backing
  • Come up with $85 million in liquid assets

"We have not yet obtained any commitments for such additional deferrals and finance and cannot assure you we will be successful if these transactions are not consummated," the filing said.

There was no immediate indication that Delta would go back to its employees for another round of concessions. Still, the airline told federal regulators its pension obligations will be a big burden over the next few years and could lead the airline right back to the brink of financial disaster.

FMI: www.delta.com

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