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delta going into chap 11

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    4:17am 09/12/05

    Delta may file for bankruptcy on Thursday: WSJ (DAL) By Steve Goldstein
    LONDON (MarketWatch) -- Delta Air Lines (DAL) may file for bankruptcy as early as Thursday, The Wall Street Journal reported Monday, citing sources familiar with the situation. Delta is nearing a deal for $1.7 billion in debtor-in-possession financing which will come from creditors led by General Electric Co. (GE) , the report said. Delta will use $1 billion to pay off a GE loan. Delta will have to sell assets including aircraft, spare parts, its Comair regional feeder unit and AirElite private-jet operation, gates at New York City's LaGuardia Airport and routes to Tokyo and London, the report said. A Delta spokesman didn't comment on the report.
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