The third largest US airline, Delta is reportedly preparing to file for what is known as Chapter 11 bankruptcy protection. That would mean it could delay paying its bills while the company is reorganised in the hope of being able to survive in the long term. The carrier has Delta has lost eight billion euros since 2001 and has cut over 24,000 jobs in the last four years. On top of high aviation fuel costs, the airline has been hurt by falling passenger numbers and increased competition from budget rivals which has reduced cash flow.It has 11 billion euros worth of debts and major pension obligations to former staff. According to airline industry analysts, Delta is likely to reduce its capacity after it files for bankruptcy protection. It recently announced plans to sell 11 of its planes.