Delta Air Lines Inc. unveiled highlights of its turnaround plan Thursday announcing its intention to lay off nearly one-fifth of its work force and cut its domestic operations in hopes of shrinking its way to profitability.
The Atlanta-based carrier, which filed for bankruptcy Sept. 14, said that it aims to produce an annual $3 billion in cost cuts and revenue enhancements by the end of 2007. Delta has already secured about $5 billion in savings from a company-wide overhaul undertaken last year without assistance from the courts.
