In an SEC filing yesterday, Delta said that despite wage and cost reductions, bankruptcy remains very much a possibility. It added that its 2005 losses will be substantial and that its cash position will be weak if it does not sell one of its feeder carriers (as discussed earlier this week, when it was announced that SkyWest was looking into purchasing Comair). It doesn’t help that oil is at $55 a barrel when they assumed it would be at $40. And with Continental’s announcement earlier this week that Delta’s fare structure has hurt revenue, I’m sure Delta is feeling the same pain. Delta won’t be bankrupt this month, mind you, but this must be making AirTran pretty happy.