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Thu, Aug 26, 2004

Inquiring Minds Want To Know More

Delta Creditors Demand Details On Carrier's Financial Situation

Many of Delta's creditors might be willing to flex a bit as the company struggles to avoid bankruptcy. But before they do, they want to see a plan.

A group of 34 creditors which hold about $1.3 billion in Delta debt says it wants "substantial" information about the carrier's business plan and how it might restructure itself into a leaner, more profitable airline. Delta has been struggling for months now to climb out of the financial cellar it's been in since the 9/11 terrorist attacks.

The plan was first outlined by Delta executives last week. One option it puts forth is a debt-for-equity swap among its debtors.

But Delta has so far failed to win over its union pilots, who are the best-paid in the business. The airline wants them to accept a 30-percent salary cut. The pilots have offered to forego a raise and cut wages by just nine-percent. Delta says, if it can't get better concessions from its pilots, it could very well file Chapter 11.

FMI: www.delta.com

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