"By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 5:51 PM ET Aug. 9, 2004
SAN FRANCISCO (CBS.MW) - Delta Air Lines, in one of its strongest worded statements to date, warned Monday it will file for bankruptcy if it cannot drastically slash its costs soon.
The nation's third-largest airline also said its cash reserves are dwindling faster than anticipated due to weaker margins and soaring fuel costs.
'If we cannot make substantial progress in the near term toward achieving a competitive cost structure ... we will need to seek to restructure our costs under Chapter 11 of the U.S. Bankruptcy Code,' Delta said in its quarterly Securities and Exchange Commission filing. "
August 10, 2004
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