Delta Chapter 11Delta leaves Chapter 11
Neubeginn für US-Fluggesellschaft<br /> On 30 April, Delta Air Lines emerged from Chapter 11 positioned to compete aggressively around the globe with a best-in-class cost structure and balance sheet, a diversified global network, a renewed focus on the customer experience, and a workforce with a substantial financial stake in the company's future.
Following a 19-month restructuring, Delta has fundamentally transformed its business and is positioned to emerge as a top-tier performer financially and operationally. Among the company's restructuring accomplishments, Delta: Completed a comprehensive transformation plan one year ahead of schedule, delivering $3 billion in annual financial improvements; reported four consecutive quarters of operating profits, with $155 million in operating profit in the first quarter of 2007; achieved the lowest mainline non-fuel CASM (excluding special items) of the network carriers in 2006; reduced the revenue gap with the industry Delta's length of haul adjusted PRASM was 95 percent of the industry average in the first quarter of 2007 up from 87 percent for the same quarter in 2005; and is projected to reduce net debt by more than 50 percent, from $16.9 billion at June 30, 2005, to a projected $7.6 billion at the end of 2007.
In celebrating the company's recent achievements, Delta Chief Executive Officer Gerald Grinstein said: "This is a great day in Delta's history a day that would not have been possible without the hard work and sacrifice of Delta people around the world. 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. Delta is now a fierce competitor in a tough industry and we are confident that we will reclaim our rightful place as an industry leader. "Emergence from bankruptcy is not the end of a journey; instead, it is the beginning of a new and prosperous era at Delta. Many challenges are ahead and, thanks to our successful restructuring, we are stronger and better positioned to meet them," Grinstein continued.
In accordance with Delta's prior announcements and as required by the Plan of Reorganization approved by the Bankruptcy Court, Delta's pre-plan common stock (which had traded over the counter with the symbol DALRQ) will be cancelled (effective at 9 a.m. April 30, 2007). Holders of the pre-plan common stock will not receive a distribution of any kind under the Plan of Reorganization. The company will issue new shares of Delta common stock in payment of bankruptcy claims and as part of a post-emergence compensation program for Delta employees. These new shares will be issued in early May 2007. The new shares have been approved for listing on the New York Stock Exchange. Trading on the NYSE commenced April 26, 2007, on a "when issued" basis (DAL.WI), and "regular way" trading is anticipated to begin on May 3, 2007 under the symbol DAL.
Delta Air Lines also unveiled its updated corporate brand a striking three-dimensional, red "Widget" icon flying across a blue background that reflects the company's successful transformation into a highly differentiated, customer-focused airline. The updated brand, the result of months of employee and customer research, will appear on more than 900 Delta and Delta Connection aircraft, in more than 300 airports, on Delta's award-winning delta.com Web site, and in all advertising and printed material. Delta rolled out the first Boeing 757-200 painted in the new livery at an employee celebration in Atlanta and tonight will transform its delta.com Web site and install new signage at more than 300 airport check-in locations in Atlanta and New York City.