A very good day for Delta Air Lines as they emerge from bankruptcy protection after a 19 month restructuring. The restructuring left the airline leaner, tougher, and more able to deal with the market after shedding thousands of jobs, cutting wages, and ridding itself of high aircraft leases.
At 10.21am, the wire transfer was completed, repaying their creditors that gave the Atlanta based airline the money to operate in bankruptcy protection.
Delta Air Line's chief bankruptcy lawyer said, "This is an amazing day for an extraordinary company, which has reclaimed its heritage and has emerged from Chapter 11 as a fierce, determined and well-capitalized competitor."
Now that Delta is out of bankruptcy, it may consider shedding Comair, their regional carrier which has struggled with complaints from passengers and horrible on-time arrivals.
More news is expected later today as executives hold news conferences and unveil the new re-branding of the airline, which is likely to include a new livery.
Related: Pinnacle Airlines Signs Deal with Delta to Begin Regional Services in Dec 2007.
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