Delta CEO warns of Chapter 11 filing, says more cuts needed

Delta Air Lines CEO Gerald Grinstein yesterday said the company is prepared to take whatever steps are necessary to avoid a Chapter 11 filing, but cautioned that it will "constantly bump up against" liquidity issues in 2005 and 2006 and must find more ways to cut costs. He declined to specify where the cuts will come from but did say that Delta is examining "every part" of its operation. "We made a decision last year that Chapter 11 was not a place to go and we ought to avoid that if we ...