Delta May File For Chapter 11 Before Stiffer Bankruptcy Laws Come In
It is rumoured that Delta Airlines may seek the solace of chapter 11 bankruptcy before the stiffer bankruptcy laws come in. The stiffer laws are due to be introduced in October, and many think that this may force the ailing Delta Airlines to file for chapter 11 whilst they still have the chance.The Chief Executive of Delta Airlines has stated recently that the impending new laws would not factor into the company’s decision with regards to filing for bankruptcy. However, some lawyers are stating that the nature of the new laws means that some companies may try and file now in order to avoid some of the changes involved in the new laws.
Darryl Laddin, an Atlanta attorney who represented Eastern Airlines' bankruptcy trustee about 14 years ago, stated that "If it's a close call as to whether Delta needs to file now or in early 2006, I think the changes in the code would tip" Delta to file earlier rather than later.
It has been pointed out that the new bankruptcy laws will have an impact on corporate bankruptcies in a number of ways. For instance, it will have an impact on the time scales to which the companies have to work to and will also impact upon retention packages for employees.
Topic Added October 14th, 2005
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