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Thu, Nov 04, 2004

Delta Gets A (Much Needed) Loan

GE, Amex Step In With $1 Billion

What looked like a pretty bleak financial picture last week is starting to seem a little rosier. For Delta Airlines, there might just be a glimmer of light at the end of the jetway.

Since last week, Delta pilots have tentatively accepted a $1 billion concession package. The rank and file is voting on the proposed contract now. Delta was able to restructure about $500,000 in debt and has secured a total of $1 billion in financing from GE Financial and American Express.

"While there is a significant amount of work yet to be accomplished, these developments will make a meaningful contribution to the massive company-wide effort underway to transform our airline," Delta CFO Michael Palumbo earlier this week.

If Delta pilots -- the highest paid in the business -- agree to the concession proposal, it will mean a 32-percent cut in pay and benefits.

FMI: www.delta.com

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