In its SEC filing, Delta said ‘significant events have occurred that have materially adversely affected our financial condition and results of operations’.
It also notes that its independent auditor Deloitte has reissued its report ‘to raise substantial doubt about the company’s ability to continue as a going concern’.
Deloitte wrote: ‘The company has suffered recurring losses, faces labour and liquidity issues and may need to seek protection under Chapter 11 of the US Bankruptcy Code in the near term. Such matters raise substantial doubt about the company’s ability to continue as a going concern.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies