Delta Warns of Possible Bankruptcy Filing
Delta Air Lines Inc. said it burned through $744 million in cash in the first six months of the year and again warned that it could be forced to file for bankruptcy protection without deep concessions from pilots.
Delta said in a filing with the Securities and Exchange Commission that it had begun dipping into cash reserves because of high fuel prices and lower than expected passenger revenue, but that such spending was “unsustainable.”
Shares of Delta fell 13 cents, or 3.2%, to $3.98 on the NYSE.
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