Delta Trims Losses, Remains on Track to Exit Bankruptcy In Spring
Delta Air Lines said it narrowed its loss in November to $49 million, keeping it on track to exit bankruptcy as a stand-alone company in the spring.
Delta's $49 million loss in November compares with a November 2005 loss of $181 million.
"These results ... further underscore our confidence to emerge from bankruptcy as a strong, stand-alone company in the spring of 2007," said Chief Financial Officer Edward Bastian in a statement.
Delta reduced operating costs by 8.1% in November as it cut seats available for sale by 6.5%. Passenger unit revenues rose 13.2% in November.
No. 3 U.S. carrier Delta last week rebuffed an $8.3 billion takeover offer from US Airways Group and said its own reorganization plan values the company at $9.4 billion to $12 billion.
US Airways Chief Executive Doug Parker said on Thursday that the No. 7 U.S. carrier was sticking to its bid for Delta and had no immediate plans to raise it or abandon its efforts.
As of November 30, Delta said it had $2.7 billion in unrestricted cash, cash equivalents and short-term investments.