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RFields5421

Delta may file for Chapter 11 tomorrow

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Oct 1 2005 - the US bankruptcy laws changeAmong other things the pensions will have the same priority for remaining funds as gap investors. If the airline does not file for bankruptcy by Sept 30 - they will be unable to dump the pensions on the federal government and taxpayers.It's been a certainty since June that Delta and Northwest would file beforer the end of September. Not that they plan to dump the pension plans - but filing is the only way to preserve the option.Don't be surprised if a couple more also file - some supposedly healthy companies.

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