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BULLETIN: Delta Air Lines Predicts Heavy Loss, Charges Sep 02 Product Image

BULLETIN: Delta Air Lines Predicts Heavy Loss, Charges Sep 02

  • Published: September 2002
  • Standard & Poors

Delta Air Lines Inc. (BB/Negative/--) said today that it expects to report a net loss from operations of about $225 million in the third quarter of 2002, with another $125 million (after tax) of charges to write down aircraft values and for other reasons. Standard & Poor's Ratings Services said its ratings and outlook on the airline are not affected. In addition, the company disclosed in a filing to the SEC that it expects to be in violation of covenants on two letter of credit agreements that support certain tax-exempt revenue bonds and the Series C Guaranteed Serial ESOP Notes (A-) issued by the Delta Family-Care Savings Plan. Delta has renegotiated covenants as regards the former and will terminate the...

Companies mentioned in this report are: Delta Air Lines Inc.
Action: S&P Event

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Delta Air Lines Inc.

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