Delta Air Lines: healthy again?
Delta Air Lines has emerged from bankruptcy after a 19 month restructuring that resulted in USD$3 billion in annual financial improvements, the third-largest US airline said.
Delta will take a USD$2.5 billion exit-financing facility to repay the company’s USD$2.1 billion debtor-in-possession credit facilities and make other payments required upon exit from bankruptcy, Delta said in a statement.
A US bankruptcy court had on 25 April given the airline the go-ahead to exit bankruptcy at the end of this month.
“Through our restructuring we have successfully repaired our balance sheet, improved the customer experience, expanded our international route system and built a platform for future success,” Chief Executive Gerald Grinstein said in the statement.
The board of directors of the Atlanta-based company will now turn its attention to picking a new leader to replace outgoing said Mr Grinstein, and deciding whether to sell or spin off regional feeder carrier Comair.
Report by David Wilkening
David
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