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KLM STATEMENT ON NWA FILING FOR CHAPTER 11
AMSTELVEEN, September 15, 2005 - KLM partner Northwest Airlines has last night filed for protection under the so called “Chapter 11” ruling. This allows the company to intensify its efforts to restructure itself financially and operationally.
Chapter 11 permits companies to reorganize under court supervision as they continue to operate. It is different from “bankruptcy” as it is known in many countries. During a Chapter 11 proceeding, Northwest Airlines remains in control of its operations, which continues while the company develops a plan of reorganization.
This move has no consequences for KLM's customers and their travel plans. All tickets will remain valid and flights will be carried as scheduled. Additional services like the Flying Blue/WorldPerks benefits and access to Business Class Lounges will remain unrestrictedly available for travelers.
Northwest Airlines will continue its operations unrestrictedly, with all daily codeshare flights at the disposal of KLM customers. This applies similarly to all other flights which Northwest Airlines operates together with SkyTeam and other partners.
In the past there has been a number of examples where airlines restructured themselves successfully under Chapter 11. Although worried about the fuel prices and the current situation in the US aviation industry, KLM is convinced that its partner Northwest Airlines will succeed in its efforts.
Copyright Freesun 2005