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US airlines in critical re-structuring
Sri Lankan News.Net
Wednesday 3rd December, 2008
Even though US airlines have been buoyed by the sudden drop in jet fuel prices, executives say they are seeing more signs of slumping travel demand.
Major airlines have suggested they are ready to cut more flights and jobs.
Delta Air Lines, the world's largest carrier, said it will reduce overall capacity another 6 to 8 percent next year.
US capacity will be dropped 8 to 10 percent.
Delta has told shareholders it has been unable to fully realize the benefit of the steep drop in fuel prices because of bad bets on oil hedges, when the price was trading at more than $140 a barrel.
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