New financial crisis at Delta
Delta Air Lines, who is trying to avoid bankruptcy, disclosed they can’t come up with required cash reserves for its credit card processing company and is continuing critical talks to reach a deal with them.
If a deal is not reached, Delta would not be able to accept Visa or MasterCard payments.
Following this disclosure by Delta on Tuesday, the third-largest domestic airline’s shares, which has lost more than half its value in the last month, dropped further, as fears of Chapter 11 bankruptcy looms.
This bad news follows news of recent senior executives leaving Delta, including its treasurer, chief financial officer and Washington lobbyist.
The new credit card processing company Delta is negotiating with wants “a substantial cash reserve” up front to handle Visa and MasterCard transactions, which Delta does not have.
Charles Kao
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