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Terrible Finances at Independence Air & Delta

Bad news at Delta and Independence Air yesterday:

–Delta’s stock hit a new 43 year low after an analyst downgraded the carrier on fears that it would declare bankruptcy within two months.  The airline also postponed its quarterly report (never a good sign) because it is in negotiations with a new credit card processor who is demanding a large cash reserve (Delta would obviously prefer not to tie up its limited cash in a reserve fund for credit card processing). 

–Independence Air’s quarterly numbers weren’t good either, as costs increased and revenues dropped 24%.  The revenue drop is pretty disturbing.  Look for a bankruptcy filing soon.

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