Delta Airlines plans to emerge from Chapter 11 bankruptcy later this spring.
Delta plans to give many employees a lump-sum cash payment.
Regular employees, not including officers and directors, would receive a payment representing a percentage of their pay. A majority of employees will also receive unrestricted stock in the reorganized Delta.
Leaders of the company will receive other benefits, including restricted shares of stock, stock options, and performance stock.
Delta will also set up profit-sharing and other reward programs. Delta plans to increase workers’ pay to industry standard rates.
Delta’s chief executive, Gerald Grinstein said “Delta's transformation is a remarkable success story from a bankrupt company nearly out of cash to a company that some speculate will once again be the industry leader - and that is certainly our goal.”
The workers should share in that success.
Tags: bankruptcy, delta
This entry was posted on Thursday, March 8th, 2007 at 11:01 pm and is filed under Bankruptcy News and Events. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.