This was, sadly, predictable:
Delta Air Lines Inc., the nation’s third-largest carrier, could file for Chapter 11 bankruptcy protection next week if it can line up financing, sources familiar with the plan said yesterday.
The Atlanta-based airline is trying to line up between $1.6 billion and $1.7 billion in debtor-in-possession financing, which is used to operate during bankruptcy proceedings, according to a report in Debtwire, an online news service for hedge funds and investment bankers. Banks or other financial institutions that provide debtor-in-possession financing have first claims on any assets during a reorganization.
According to the report, Delta officials have received proposals from J.P. Morgan Chase & Co., Citigroup Inc. and General Electric Co.’s commercial finance arm.
If Delta does not obtain the financing, the filing could be delayed, said the sources, who spoke on the condition that they not be identified because the plan is not final.
After the judge gave United permission to dump their pension guarantees off on someone else (ahem, you), even a blind man could see this coming.
B. Ross
Survival of the fittest! Poor companies are poor because they are lazy! Kill the railroads! Pensions are socialist! Lower the minimum wage! Trust in God, but tie your camel to a tree! No, scratch that last one.
Demdude
After the judge gave United permission to dump their pension guarantees off on someone else (ahem, you), even a blind man could see this coming.
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Any bets on the next business line dumping their pension guarantees?
Perhaps the auto industry (even though health care is more likely)?
jobiuspublius
He with gold makes the rules. That’s why the financial idustry is the only one getting things done and deserving it all. Free markets rule!
Defense Guy
So, any bets on whether the executives pensions or even bonuses are in danger?
tBone
I think the house would win on that bet.
jobiuspublius
If we sue the Haliburtons into oblivion, can we recoup the cost of their presidency?
Steve S
Don’t know Delta. I’m hoping NWA goes bankrupt so we can finally get some competition into the MSP airport.
ET
Defense guy – not taking you up on that bet.
DoctorJackShepard
THE IRAQI CONSTITUTION IN IT’S PRESENT FORM WILL BE REJECT
BY DR. JACK SHEPARD
The Iraqi constitution in it’s present form will be reject when it is sent to the Iraqi people to vote by October 15., without their Sunni Arab approval.
When the constitution does not win national support, the Iraqi government will to dissolve, and there will have to be elections for a new transitional national assembly and the whole process has to begin again. This will not only prolong the present guerrilla war and but will contribute to the breakup of the Iraqi, plunging Iraqi into complete chaos and never ending civil war.
Iraqi leaders and their allies have not created a constitution that will be widely backed by all sectors of society. There are only a few points that must be “Edited” to get universal backing by all sectors of the Iraqi society saving Iraqi from breaking up and plunging into complete chaos and never ending civil war.
If the text remains in the constitution which guarantees that substantial amounts of the petroleum profits will remain in the regions rather than sharing them equal among all Iraqi the Sunni will vote to reject the constitution.
The points that have angered and marginalized the Sunni Arabs which is the prescription to failure and disaster; are the Sunni objections to federalism, references to Saddam Hussein’s Baath Party, you have to remember that presently there are more the 1,000,000 ex– Baath party members living in Iraq and it was obligatory to find work in the pre-Saddam Iraqi to join the Baath Party so to exclude 5% of the Iraqi population from future employ is only another formula for disaster and equally important is the country’s identification as an Islamic, not as an Arab state is another impossibility because it weakens (Iraq’s) belonging to the Arab world .
The stakes are so high that the American Ambassador to Iraq, said, ““I believe that a final, final draft has not yet been, or the edits have not been, presented yet, so that is something that Iraqis will have to talk to each other and decide for themselves.” The stakes are so high that Arab League official in Cairo also say “edit” this draft or it will fail.
The Iraqi constitution in it’s present form will fail, because Sunni Arabs form about 20 percent of Iraq’s 27 million people but are the majority in four of the 18 provinces. Under elections rules, a “no” vote by a two-thirds majority in any three provinces would defeat the referendum In it’s present form the Iraqi Constitution will fail, the Majority Shiite and Kurd delegates that drafted this failed Constitution are placing their own selfish interests above the interests of the Iraqi people in general. These delegates have to know, this is their last chance to achieve stability and happiness for the Iraqi people.
In it’s present form this Iraqi Constitution will be plunging Iraq into a never ending civil war where the quality of life and suffering of the Iraqi People will be unbearable, if it is not “edited” before it is voted on by the Iraqi People.
Iraqi must remains an Arab state like it is, remain a member and continue to work with the Arab League. The Iraqi people wish and must be allowed to share their National oil resources equally, Iraqi must remain one state as it has been for decades. Anything less will create a situation where Iraqi will be plunged into civil war will create a situation of 100,000’s more Iraqi will be dying every year; the chaos will begin following the rejection of the Iraqi Constitution in it’s present form. This rejection will create such an unstable environment where the oil resources will be impossible to even use or profit from because of the brutal civil war that will be waged for years. The work of our coalition troops in Iraqi, will be placed under even more danger conditions when this draft of present Iraqi Constitution is rejected by the 4 Sunni Provinces, if the Majority Shiite and Kurd delegates do not “edit” the present Iraqi Constitution so to create a constitution that will be widely backed by all sectors of society.
The Majority Shiite and Kurd delegates have a duty to the Iraqi people, to not place their selfish motives before the will being of the majority of Iraqi men, women and children, they must do the things that are pleasing to Allah, to save Iraqi from plunging into continued chaos, in it’s present form the Iraqi Constitutions is only a formula for the complete destruction of any chance of Peace and Happiness the Iraqi people will know in our life time.
Dr. Jack Shepard, founder of People for Peace Group, to learn about Dr. Shepard visit: http://www.shepardusgov.com