Delta Says Lost $1.1B Since Bankruptcy
{{#rendered}} {{/rendered}}Delta Air Lines reported a net loss of $1.14 billion between September 15 and October 31, the period since its bankruptcy filing, as it coped with high fuel and restructuring costs.
The No. 3 U.S. airline said in a court filing on Wednesday that its loss before reorganization items was $472 million. The period partially overlaps with its third quarter, which ended September 30. It reported a third quarter net loss of $1.1 billion last month.
Delta, which filed for Chapter 11 bankruptcy protection on Sept. 14, is seeking $3 billion in cost cuts and revenue increases it says it needs to stem its losses.
{{#rendered}} {{/rendered}}The airline reported that it spent $642 million on fuel in the period after filing for bankruptcy, while reorganization-related costs contributed $648 million to its loss.