Delta Air to declare bankruptcy
After what seemed like an eternity Delta Air has finally decided to declare for bankruptcy protection. The announcement, which has been widely anticipated for some time, comes after shares of the beleagured airline have dropped 90 percent this year alone.
Most experts believe that rising air fuel costs and low market share as well as narrowly avoiding having to declare in December 2004, have forced the airline to call it quits. Having reduced its staff already from 2000 levels, and winning the pay concessions from pilots that provided $5 billion in savings in as many years, Delta is ready to file shortly after market close, tells a source to Reuters.
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