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Delta to Issue Stock to Employees, Creditors

Delta to Issue Stock to Employees, Creditors

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ATLANTA (Dow Jones/AP) -- Delta Air Lines wants to give stock to employees and creditors in exchange for concessions meant to avoid bankruptcy.

The New York Stock Exchange approved the swap.

Atlanta-based Delta has a hub in Salt Lake City, and many of its pilots live in Utah.

The stock deal is part of Delta's 2(B) billion-dollar restructuring plan.

The world's third-largest airline plans to cut more than six thousand jobs and salaries. It recently negotiated concessions with the pilots' union.

Delta will grant non-qualified stock options to about 57-thousand employees.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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