Democratic Underground - U.S. post has $2.2 billion loss, warns of Sept insolvency

U.S. post has $2.2 billion loss, warns of Sept insolvency [View All]

Viva_La_Revolution

(1000+ posts) Send PM | Profile | Ignore

Tue May-10-11 05:18 PM
Original message

U.S. post has $2.2 billion loss, warns of Sept insolvency

Advertisements [?]

Source: Reuters

The U.S. Postal Service posted a $2.2 billion net loss in its second quarter and said it might be unable to pay its debts by September.

The agency, which has been battling falling mail volumes and competition from FedEx (FDX.N) and United Parcel Service (UPS.N), said it expects to hit its borrowing limit by the September 30 end of the fiscal year, and will have to default on payments to the federal government unless Congress intervenes.

"The Postal Service continues to seek changes in the law to enable a more flexible and sustainable business model," said Chief Executive Patrick Donahoe in a statement.

Read more: http://www.reuters.com/article/2011/05/10/us-postalservice-earnings-idUSTRE74976P20110510?feedType=RSS&feedName=businessNews&dlvrit=56943

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Got a message for Democratic Underground? Click here to send us a message.

U.S. post has $2.2 billion loss, warns of Sept insolvency [View All]