Northwest Writes off Midwest

Ouch.

Northwest Airlines Corp. (NWA) has written off its $213 million investment in the partnership that owns Midwest Airlines, a step that reflects Midwest’s deteriorating financial condition.

Northwest, which owns a 47% stake in Midwest Air Partners LLC, wrote off that investment during the second quarter, which ended June 30. Northwest disclosed the write-off in its latest quarterly financial report filed with the U.S. Securities and Exchange Commission.

Northwest and majority partner TPG Capital bought Midwest Air on Jan. 31 for $451.8 million.