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Pained by competition and higher fuel costs, Delta Airlines today filed under Chapter 11 bankruptcy laws. The airline plans to keep flying while reorganizing and cutting costs. Delta has not had a profitable quarter since 2002. Analysts cite Hurricane Katrina as "the last straw," but the rise of oil prices and 2001 terrorist attacks are also mentioned along with financial losses earlier that year. Some say Delta waited longer than competitors to cut costs. Delta, the #3 US carrier, is the third and perhaps not the last to file. United (#2) and US Airways have already, and Northwest Airlines (#4) is meets today to discuss their own Chapter 11 filing. Lower cost rivals bar raising fares to recoup losses. Source: money.cnn.com
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