ATLANTA, Aug. 13 (UPI) -- Rising oil prices and financial obligations has Delta Air Lines preparing for bankruptcy protection, just in case.
The New York Times reports the Atlanta-based airline isn't planning on filing bankruptcy but is taking steps to enter it, if needed.
Delta is discussing loans with previous lenders like GE Commercial Finance, the company that finance the company's restructuring last year.
Delta is also looking into selling or refinancing Comair and Atlantic Southeast Airlines, its two commuter lines.
Delta is also trying to figure out how to trim workforce costs.
Employees have lost a combined $1.4 billion to wage and benefit cuts the past year, but airline officials say they won't reduce pay any more.
Oil price hikes are rendering any cost-cutting measures worthless though.
The company loses $25 million for every 1-cent price increase.
The Energy Department reports a 35-cent increase in fuel since January.
