Get read for two more hits this week:
Northwest Airlines and Delta Air Lines are both preparing to seek bankruptcy protection as soon as Wednesday, people close to both companies said today.
Northwest and Delta are each finishing the details of their bankruptcy cases, including the financing that they will require to operate under bankruptcy protection, these people said. That could cause delays, but the fundamental work of preparing each bankruptcy case is complete, they said.
A spokesman for Northwest, the nation’s fifth-biggest airline, said today that the company had made no decision on a Chapter 11 filing. Likewise, a spokeswoman for Delta, which is the third-biggest carrier, said no decision had been made.
Both airlines would file for Chapter 11 protection in United States Bankruptcy Court in New York. Their cases would be assigned to different judges, however. If the filings are made on Wednesday, the first hearings would be on Thursday.