Thu, Jun 14, 2007
Increases Unrestricted Cash By Approx. $800 Million
Delta Air Lines announced Wednesday it amended its
Visa/MasterCard processing agreement to eliminate the $1.1 billion
holdback previously required.
This holdback consisted of an $800 million cash reserve and a
related $300 million letter of credit. The amendment allows the
entire amount of the cash reserve returned to Delta and the letter
of credit terminated.
As a result of these changes, Delta expects to end the quarter
with $4.2 billion in liquidity, including a fully available $1
billion revolving line of credit, according to the carrier.
"This new agreement reflects the strong confidence of the
financial markets in our ability to deliver on our plan's
commitments," said Edward H. Bastian, Delta's executive vice
president and chief financial officer.
The company also updated its June 2007 quarter guidance, stating
that it expects to achieve operating margins of 11 percent to 12
"Our plan remains on track, with our restructuring driving
improvements to both unit revenues and unit costs," said Bastian.
"In this highly competitive industry, Delta is uniquely positioned
in its ability to reallocate existing assets to right-size the
domestic network and focus on international growth
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