Law360 (March 15, 2006, 12:00 AM EST) -- Operating on borrowed cash after filing for Chapter 11, Delta Air Lines Inc. needs to cut costs or face the looming prospect of liquidation or being sold, a financial expert warned an arbitration panel on Wednesday.
Timothy Coleman of the Blackstone Group LP, the carrier’s main financial adviser, testified on the third day of arbitration hearings that will determine whether Delta is allowed to throw out its pilots’ agreement and impose pay and benefits reductions of up to $325 million.
Coleman underscored that Delta needs to...
Expert Warns Panel of Delta’s Financial Dilemma
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