`The additional pilot savings are a significant, necessary and appreciated component of Delta's restructuring plan. Everyone at Delta at every level is contributing, personally and professionally, to Delta's long-term success and their efforts, coupled with network and revenue improvements and other restructuring initiatives, are delivering measurable results. We stand unified and focused on the shared goal of transforming our airline into a strong, fiercely competitive and profitable company -- one that can grow and provide good jobs and financial rewards for its people and superior service and amenities to its customers. Our company has a solid plan for the future and Delta people are making real progress together,'' said Gerald Grinstein, Delta's chief executive officer.
Barring any disruptions, the company is on track to achieve approximately 70 percent of its business plan's $3 billion annual targeted financial benefits by the end of the year with the goal of successfully emerging from bankruptcy in the first half of 2007.
``We believe this new pilot agreement helps provide the competitive framework necessary for Delta's successful restructuring, and is in the best interest of all stakeholders,'' said Edward H. Bastian, Delta's executive vice president, chief financial officer and head of the company's in-court restructuring efforts.
Delta this week reached an agreement with DP3, Inc., the organization representing retired Delta pilots on pension issues and, in addition to the Pension Benefit Guaranty Corporation (PBGC), was one of only two parties objecting to the pilot agreement. With its concerns resolved, the retired pilot organization has withdrawn its opposition, and the federal pension agency is now the sole objector to the pilot contract. The company strongly disagrees with the PBGC objection and maintains those assertions are without merit. The matter is pending before the U.S. Bankruptcy Court, and a hearing is scheduled later today.
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