Delta’s fate tied to pilots
Delta Air Lines overcame some major financial hurdles with a $600 million loan, but the near bankrupt company says it still needs help from its pilots union, an agreement that has remained elusive.
Delta said that it had reached a $600 million financing agreement with American Express Travel Related Services, including a $100 million loan. The airline also said that it had reached a deal with various debt holders to defer $135 million in notes that were due next year.
But the airline has to reach agreement with its pilots on $1 billion in wage and benefit cuts and resolve other financial issues,
Delta, the third-largest airline behind American and United, has warned repeatedly that it will have to seek court protection unless it reaches a deal with its pilots.
Delta’s pilots, who are the highest paid in the industry, have proposed cuts worth up to $705 million, according to newspaper reports.
Agreement with the pilots’ union is required for Delta’s deal with American Express to take effect.
Report by David Wilkening
David
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