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Delta to Emerge from Bankruptcy
On April 25, a New York bankruptcy judge approved a Delta Air Line plan to exit bankruptcy. The plan would bring to a close Delta’s 20 month bankruptcy.
Delta expects to emerge from bankruptcy protection on Monday. The reorganization was successful in reducing labor costs, restructuring its fleet and terminating a pilot pension plan.
Shares in the reorganized Delta (NYSE symbol DAL) are scheduled to begin trading on May 2. The reorganization plan will give unsecured creditors between 62% and 78% of the value of their allowed claims as shares of the new stock.
For more information, please visit the LA Times at http://www.latimes.com/business/la-fi-delta26apr26,1,7288212.story?coll=la-headlines-business
Ray
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