Delta threatens bankruptcy

ATLANTA, Aug. 9 (UPI) -- Delta Air Lines of Atlanta, said Monday it would file for bankruptcy if it can't lower costs soon, CBSMarketwatch.com reports.

The nation's third-largest airline is looking for more than $1 billion in compensation concessions from pilots as it struggles with competition from low-fare carriers, weak returns on flights and skyrocketing fuel costs.

This year's fuel costs will likely be about $680 million more than in 2003, Delta said.

Delta's pilots union has offered to take pay cuts totaling between $655 million and $705 million.