Struggling Airlines In Trouble
Hurricane Katrina’s been in the news lately, battering Louisiana and Florida and driving up the price of fuel. One of the consequences of Katrina has been its effects on airlines trying to stay above water:
The storm forced the closure of several airports and caused scores of flight cancellations throughout the Gulf Coast region Monday. It also caused a surge in oil prices, something the airlines have been battling for months with no end in sight.
The result could mean more pain for Atlanta-based Delta Air Lines Inc., a major carrier to the area affected by the hurricane, as it continues to try to avoid a Chapter 11 filing. More broadly, the other airlines also could suffer. Like Delta, Eagan, Minnesota-based Northwest Airlines Corp. also is in danger of bankruptcy.
Check your frequent flyer miles and see what recourse you may have if either Northwest or Delta go under.
franz guenter said,
September 1, 2005 @ 11:09 am
It’s nice to tell me to “Check your frequent flyer miles and see what recourse you may have if either Northwest or Delta go under.”, but it doesn’t give me any information HOW. Delta and NWA web sites don’t tell options for having them go bankrupt. Likely since the FF miles have always been deemed having ‘no value’ and bankruptcy is to reduce liabilities, the FF program will be nullified and non-existent with little recourse.
jim said,
September 1, 2005 @ 2:46 pm
Well, if the company files Chapter 11 and still operates, you’re fine. If they file Chapter 7 and go under, they have no value because you aren’t a creditor when you hold onto frequent flyer miles… and considering common stock shareholders get a whole lot of nothing during C7 bankruptcy… you will most likely get nothing.
However, sometimes competing airlines will help you out… that’s what I meant.
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