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Or, visit Popular Alerts for suggestions. Delta Air Lines files for bankruptcy No. Route map. But with Senate confirmation hearings on a proposed U. Supreme Court justice and the aftermath of Hurricane Katrina, the bill couldn't be passed in time to kept Delta out of bankruptcy court. Bankrupt United Air Lines Inc. Grinstein has said that he doesn't want to do that to Delta's employeees, who number more than 20, in metro Atlanta alone.
He has said that Delta wants to pay its obligations, it just needs more time to do it. The effects of Delta's bankruptcy also hurt other prominent companies. More than 50 prominent American companies own airplanes that they lease to Delta at interest rates ranging from 9 percent to 12 percent or more. The companies include Altria Group Inc. We have moved toward vertical integration by acquiring an oil refinery—a decision that shocked both aviation and oil industry observers.
We have also signed an exclusive long-term lease for a ship that can move Gulf Coast crude up the East Coast so that we can self-supply at significantly less expense. With boots on the ground in this commodity business, we have become a lot smarter about hedging, buying, refining, and transporting fuel. As a stand-alone entity, the refinery earned modest profits during the past two quarters.
The U. But Delta stands apart. Thanks to our unique people, culture, and strategy, we are stronger than ever. Every day the Delta team works with determination to apply innovative thinking throughout the organization.
For example, we recently became the first major airline to switch to a dollars-spent, rather than miles-flown, frequent-flier program. We have been aggressively pursuing ancillary businesses, including airplane maintenance, repair, and overhaul; a private jet service; and vacation consolidation, and requiring them to be significant cash-flow generators. While many of our competitors are tying up their capital in new airplanes, we have adopted an opportunistic fleet strategy that combines new aircraft with used jets that we refurbish and operate at a much lower overall cost.
Delta was also the first airline to take steps to dramatically reduce the number of seat aircraft in operation; they had become extremely inefficient when fuel costs spiked. The list goes on and on. More often than not, Delta chooses the road less traveled. And what makes that possible is our dedication to teamwork. This culture—the Delta culture—has allowed us to bring innovation back to an industry that was once known for it.
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