Delta Air Slide Now at 15

Delta Air Lines' (DAL Quote) stock fell for the 15th consecutive session as the price of oil continues to spike amid fear the company is a mortal lock to file for Chapter 11 bankruptcy protection.

With a net loss of $2 billion in the second quarter and management scrambling to get $1 billion in wage concessions from pilots, time is running out for the nation's fourth-largest carrier -- and with the price of oil passing $45 a barrel on Thursday, the pressure is growing. The concerns first reached a fever pitch earlier in the week, on Monday, when Delta revealed that it was burning through cash to cover its operating costs in a quarterly filing with the Securities and Exchange Commission.

"Delta's recent 10-Q implied its unrestricted cash balance could dip to as low as $1.3 billion by year-end, a level we consider about $300 million to $400 million below its 'magic number' -- the point at which bankruptcy appears increasingly unavoidable," said Jamie Baker, airline analyst at J.P. Morgan, in a research note. (J.P. Morgan does and seeks to do business with the companies covered in its research reports.) ...