Could it get any worse? Whether they're AMFA members walking the picketline or Machinists, Pilots and Flight Attendants mired in years-long negotiations, Northwest Airlines workers now may have to deal with the ramifications of the carrier going into bankruptcy.

The New York Times, quoting unnamed sources, reported Tuesday that both Northwest and Delta Airlines are "preparing to seek bankruptcy protection as soon as Wednesday."

The airline will declare Chapter 11 and reorganize, opening the door to changes in the way it deals with creditors and employees, the Times reported. The carrier says it needs $1.4 billion in concessions from all employees to stay in business and that demand could increase once bankruptcy is set in motion.

Rumors about bankruptcy have been circulating for months. In addition to the ongoing troubles facing all airlines, two other factors could push Northwest to file: Skyrocketing fuel prices, which have increased their operating losses; and the Oct. 17th date for new federal bankruptcy laws to take effect. Analysts say the airline would fare better financially by filing under the current law.

Reached on the picketline Tuesday, representatives of the Aircraft Mechanics Fraternal Association said they had not sorted out all the implications of a bankruptcy filing. However, Ted Ludwig, president of AMFA Local 33, said it undoubtedly would put more pressure on all the airline's workers.

"I believe that everyone is going to take a big hit in bankruptcy as far as concessions," he noted.

Representatives of the International Association of Machinists, Air Line Pilots Association and Professional Flight Attendants Association could not be reached late Tuesday for comment on the possible bankruptcy filing. All three unions have been mired in protracted contract talks with the carrier.

One clear ramification would be the effect on the $900 million in stock held by Northwest employees. Back in 1993, the airline issued the stock as compensation for wage and benefit concessions by employees and agreed to buy it back. But while Northwest executives have reaped millions of dollars by selling their own stock, the airline has refused to make good on its promise to the workers.

"District 143 and your negotiators are concerned that NWA may seek bankruptcy protection to avoid paying back our members," Robert DePace, president and directing general chair of Machinists District 143, said in a recent statement to members.

"Bankruptcy is being used to save airlines while destroying the airline?s very foundation ? its employees," he noted. "Countless families across the country have already been affected."