BURBANK, Calif. -- According to its quarterly Securities and
Exchange Commission (SEC) filing, the Walt Disney Co. may be forced
to write off $119 million for lease investments in aircraft used by
Delta Air Lines if Delta files for Chapter 11 bankruptcy.
Delta's May 10 SEC filing warned that the company may be forced
to file Chapter 11 if it is unable to regain profitability, a
competitive cost structure and access to capital markets.
Disney wrote off $114 million in the first quarter of 2003 for
its aircraft lease investment with United Airlines after it filed
for Chapter 11 bankruptcy protection.
To contact reporter David Cogswell, send e-mail to [email protected].