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Delta posts $794 million quarterly loss

Delta Air Lines reported a $794 million net loss due to weakening industry demand and fuel hedge losses, the company's first full quarter of operations since merging with Northwest Airlines last October.

To cut costs as it combines its business, Delta said that more than 2,500 employees accepted early-out and early retirement packages, and are expected to leave the airline next fall.

Delta also said it would ground its fleet of 14 747-200 cargo aircraft at the end of 2009 due to the aircraft's age and inefficiency, and will start charging international travelers $50 to check a second bag beginning July 1 to raise $100 million. (Reuters)