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Sun, Aug 21, 2005

Delta Low On Cash

Concessions Waiting In The Wings?

Delta Airlines warned pilots Friday that their cash levels have dropped below a level that could lead to more concessions from the pilots. Delta pilots ratified a concession package last November to save the company up to $1 billion a year.

"This is not a surprise action. We have given the Air Line Pilots Association a heads up to let them know that Delta's financial situation has fallen short of earlier assumptions," said company spokesman Andy McDill.

In the concession package, Delta agreed that it wouldn't seek additional concessions as long as they kept a certain level of cash available. The pilots union said the memo from Delta only said that 'the company's liquidity has fallen below the threshold liquidity level.'

Although the exact level was not disclosed, the company reported last month that it had $1.7 billion in cash and short-term investments available.

Capt. John Malone, chairman of Delta's ALPA union group, said that the labor contract remains unchanged for now.

"We are doing everything possible to increase our financial situation," said McDill.

Delta has lost almost $10 billion in the last few years.

FMI: www.delta.com

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