I heard him say the samething in bankruptcy court during the US 1113 E hearings.
NEW YORK, Jan. 18 /PRNewswire-FirstCall/ -- Northwest Airlines' (OTC: NWACQ - News) David M. Davis, senior vice president - finance and controller, said the airline's financial problems can be overcome only if a competitive cost structure can be implemented that will permit significant labor savings.
We cannot continue to lose $4 to $5 million per day on top of the $14 billion debt and declining cash balance that we have. Northwest's cash and debt position is unacceptable and among the worst in the industry. We have sold $1.6 billion in assets since 2001, yet have added $2.3 billion in debt. At this rate, by the end of 2006, our cash balance will be less than $700 million without labor cost relief," said Davis.
