Delta has aggressively pursued investments in foreign airlines but the pandemic has hurt air travel, particularly abroad.
It also took a $770 million write-down in its Aeromexico investment after suffering financial losses and the Mexican airline filed for Chapter 11 bankruptcy protection. And Delta took a $200 million charge on its investment in Virgin Atlantic.
Delta still has a framework in place for strategic partnerships with those airlines, which gives it further reach into those markets and vice versa. Delta noted that the governments in these airlines' home countries didn't provide financial support like the $50 billion in loans and direct federal aid set aside for U.S. airlines.
"While each of these is disappointing, none of our partners' home countries were prepared to provide governmental financial support similar to what the U.S. Treasury did with the CARES Act which necessitated their decisions to restructure," Delta CEO Ed Bastian said in an earnings call Tuesday.
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