Compared with some pilots whose airlines went into bankruptcy protection, "Delta's guys did a hell of a lot better," said G. Dean Booth, who represented a creditor group of about 6,000 retired Delta Air Lines pilots. And as Delta emerged on Monday from Chapter 11 protection, other creditors seem satisfied too. More than 95 percent voted for Delta's reorganization plan. One reason why was that Delta rejected a takeover attempt, said Lisa Beckerman, who represented the official committee of Delta creditors.
May 03, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Compared with some pilots whose airlines went into bankruptcy protection, retired Delta Air Lines Inc. pilots might feel like they’re sitting pretty.
Delta emerged on Monday from Chapter 11 protection, where it had spent the past 19 months. Terms of the bankruptcy deal call for Delta to pay retired pilots an estimated 65 cents for every dollar owed by their supplemental retirement plan, and an estimated 85 cents for a qualified plan, said Miller & Martin partner G. Dean Booth.
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