The Walt Disney Co. has announced that it will take an after-tax, $68 million charge as it writes down the value of its aircraft leases at Delta Air Lines, which filed for bankruptcy protection the we

LOS ANGELES (The Hollywood Reporter) -- The Walt Disney Co. has announced that it will take an after-tax, $68 million charge as it writes down the value of its aircraft leases at Delta Air Lines, which filed for bankruptcy protection the week of Sept. 12.

Disney didn't say in its filing Sept. 23 with the Securities and Exchange Commission which period it expects to take the charge, though CFO Thomas Staggs hinted at an investor conference recently that it would be in its fiscal fourth quarter.

At that conference, Staggs said the value of the leases were about $101 million, and he warned that writing down that investment "would obviously have a meaningful impact on our results for the quarter and the year."

Previously, Disney wrote down $114 million in a pretax charge related to aircraft leases it had with United Airlines, which filed for bankruptcy in 2003.

Companies had once considered aircraft-lease investments as a safe and tax-efficient way to earn a steady return on money, though the terrorist attacks of Sept. 11 and the soaring price of jet fuel have led to a deterioration in the air-travel business.