"One of the reasons we tried so hard to avoid going in [to bankruptcy] is because there's not a good track record for it," said Grinstein.
He said 160 airlines have gone into bankruptcy, with 20 emerging. Of those, only two remain, both of which have filed for bankruptcy TWICE -- Continental and AMERICA WEST.
And, Grinstein added, in bankruptcy protection, creditors, debtors-in-possession, and the judge also get to participate in decisions.
Still, he said Delta offered a very sophisticated reorganization plan to investors American Express and General Electric, which decided to extend Delta $1 billion in needed cash and to lower Delta's cash-on-hand limit from $1 billion to $750 million, Grinstein said.
While Grinstein said he doesn't plan for a merger with another airline -- Delta presented a three-year plan to its lenders that "envisions a stand alone airline" -- he also wouldn't rule it out. "
i thought AWA went in only once. can someone verify this?
:blink:
He said 160 airlines have gone into bankruptcy, with 20 emerging. Of those, only two remain, both of which have filed for bankruptcy TWICE -- Continental and AMERICA WEST.
And, Grinstein added, in bankruptcy protection, creditors, debtors-in-possession, and the judge also get to participate in decisions.
Still, he said Delta offered a very sophisticated reorganization plan to investors American Express and General Electric, which decided to extend Delta $1 billion in needed cash and to lower Delta's cash-on-hand limit from $1 billion to $750 million, Grinstein said.
While Grinstein said he doesn't plan for a merger with another airline -- Delta presented a three-year plan to its lenders that "envisions a stand alone airline" -- he also wouldn't rule it out. "
i thought AWA went in only once. can someone verify this?
:blink:
