This fellow Sheppard doesn't think small. Happy New Year to all. Sally
Date: Tue, 3 Jan 2006 14:23:30 EST
From: Roland Sheppard <[EMAIL PROTECTED]>
Subject: FYI:Delta Ends 2005 With Huge Losses
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The broke and mismanaged airlines should be nationalized, put under workers'
control, and let those who have been doing the work do the work -- like in
Venezueala. The unions should be demanding this as an alternative
to bankruptcy
and cuts in the standards of living of the workers, while management loots
the companies.
http://www.forbes.com/2005/12/30/grinstein-delta-losses-cx_gl_1230autofacescan
07_print.html
Grinstein's Delta Ends 2005 With Huge Losses
Greg Levine, 12.30.05, 3:58 PM ET
No one likes to end the year on a heavy note.
But it'd be a tad unrealistic to be too upbeat when reporting news about
Delta Air Lines (otc: DALR - news - people ).
On Wednesday, Faces In The News readers will recall, the beleaguered carrier
had come to terms--tentatively--with its equally put-upon pilots. The fliers
had agreed agreed to another round of salary cuts as part of Chief Executive
Gerald Grinstein's strategy to pull the company out of bankruptcy.
(see: "Delta
Pilots OK Grinstein's 14% Pay Cut Plan"). The CEO had declared, "Given the
critical nature of our financial situation, this provides much
needed financial
relief."
In 2005, that's about as good as it got for Delta. The Atlanta-based firm
filed for Chap 11 protection on Sept. 14, the same day as another troubled
legacy, Northwest Airlines (otc: NWACQ - news - people ).
On the second to last day of the year, Grinstein's firm filed its monthly
operating report with the bankruptcy court. On Friday, it reported losing $182
million in November, driving its red ink to some $12 billion since
January 2001,
by The Associated Press' calculations. The carrier also said it spent $2.39
billion in the 30-day period.
At least there was no pilots' strike at Delta. That may look like heaven to
riders of the London Underground. As of press time, workers on the nearly
sesquicentennial "Tube"--running since 1863--were still poised on
the brink of a
New Year's Eve walkout. They might want to first investigate how popular their
New York City counterparts were with the populace.
Hey, maybe January will be sunnier--it's not unknown.
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