Delta says it lost $182 million in November | VailDaily.com
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Delta says it lost $182 million in November

ATLANTA – Delta Air Lines Inc., the nation’s third-largest carrier, said Friday it lost $182 million in November, pushing its red ink to roughly $12 billion since January 2001.The Atlanta-based airline, which filed for Chapter 11 bankruptcy protection in New York on Sept. 14, also said in a court filing that it spent $2.39 billion in the 30-day period.It must file a monthly operating report with the bankruptcy court.Delta had previously reported that it lost $1.14 billion in the first six weeks of its bankruptcy case, through Oct. 31. Before that, it reported that it had lost $1.13 billion in the third quarter. The two periods overlapped by two weeks.The latest loss, which is equivalent to 96 cents a share, includes $1 million in dividends paid out to preferred shareholders.Excluding reorganization items, Delta said its loss in November was $164 million.Revenue for the month totaled $1.3 billion. It said it ended the month with $2.07 billion in cash on hand.The latest earnings report comes as Delta’s 6,000 pilots earlier this week approved another round of deep pay cuts.The 14 percent cut in wages and other cuts equal to an additional 1 percent wage reduction that pilots agreed to Wednesday are on top of a 32.5 percent pay cut the pilots agreed to last year as part of a $1 billion annual concessions package.Delta had been seeking to void the pilot contract so it could impose $325 million in new concessions on its pilots, but agreed to an interim deal worth less than half that. The two sides will now try to work out a comprehensive deal by March. If they can’t, a three-person arbitration panel will decide the fate of the pilot contract.The pilot union’s threat of a strike is on the back burner for now. But if the contract is ultimately thrown out by the arbitration panel, the threat could resurface. —On the Net:Delta Air Lines Inc.: http://www.delta.comBankruptcy Court: https://ecf.nysb.uscourts.govVail, Colorado


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