Delta Confirms Pilots Have Won Pension Plan

Law360, New York (January 2, 2007, 12:00 AM EST) -- In a move that will bring Delta Air Line Inc. a step closer to emerging from bankruptcy, the beleaguered airline confirmed on Friday that its pilots’ pensions will be backed by the Pension Benefit Guaranty Corp.

The pension benefit group will be responsible for approximately $920 million of Delta’s $3 billion in shortfall legacy for costs, the group said. Delta has about $1.7 billion to cover over $4.7 billion in benefits liabilities, it said.

The deal -- which saw the parties agree to jettison the pension...
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