06-17-2004, 12:07 AM
Join Date: Sep 2001
Delta CEO: Airline can't survive as is
CHICAGO - Delta Air Lines Chief Executive Gerald Grinstein Wednesday said it is “completely clear” the No. 3 U.S. airline cannot survive as is, as fare levels continue to erode despite an improving economy. |
Many analysts and industry experts have speculated Atlanta-based Delta might have to file for bankruptcy protection to significantly cut costs, but Grinstein said Chapter 11 would be used only if no other path were available.
“While the situation is extremely serious and I cannot minimize that, the marketplace has just simply undergone a fundamental, structural and permanent change and we recognize it,” Grinstein said.