News / Utah / 
Delta to Issue Stock to Employees, Creditors

Delta to Issue Stock to Employees, Creditors

Posted - Nov. 10, 2004 at 8:28 a.m.



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

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.)

SIGN UP FOR THE KSL.COM NEWSLETTER

Catch up on the top news and features from KSL.com, sent weekly.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast