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ATLANTA (AP) -- Shares of Delta Air Lines Inc.'s new stock began trading publicly today on the New York Stock Exchange for the first time, opening short of the company's initial projection.
Shares of the Atlanta-based company opened at $21.75. That places Delta's initial market value at $8.7 billion based on the 400 million shares the carrier planned to issue.
In it's reorganization plan, Delta projected its worth between $9.4 and $12 billion when it emerged from bankruptcy.
The opening stock price was also short of the $9.8 billion that Tempe, Ariz.-based US Airways Group Inc. had offered to buy Delta for before the hostile takeover bid was defeated in January.
Delta exited bankruptcy on Monday after a 19 1/2 reorganization that saw it shed billions in costs. Its previous shares were canceled when it left bankruptcy.
Delta entered Chapter 11 on Sept. 14, 2005.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
