Delta Air Lines on Tuesday moved to reward employees for their loyalty in beating back a hostile takeover, pledging $480 million in stock and cash to its workers upon its exit from bankruptcy. The air carrier, which is reorganizing at the U.S. Bankruptcy Court for the Southern District of New York, intends to emerge from Chapter 11 protection as soon as May. The airline said that the compensation plan is meant to reward workers for pay cuts and other sacrifices they made during the reorganization.
March 21, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Delta Air Lines Inc. on Tuesday moved to reward employees for their loyalty in beating back a hostile takeover, pledging $480 million in stock and cash to its workers upon its exit from bankruptcy.
The Atlanta-based air carrier, which intends to emerge from Chapter 11 protection as soon as May, intends to distribute to its 39,000 nonunion workers 3.5 percent of its outstanding stock, which is expected to have an initial value of about $350 million.
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