Delta Vows To Share Post-Bankruptcy Spoils

Law360, New York (March 8, 2007, 12:00 AM EST) -- Delta Air Lines Inc. has reportedly promised employees a lump-sum cash payment when the carrier exits bankruptcy in April as hoped.

A newsletter sent out this week by Delta CEO Gerald Grinstein did not disclose exact figures but said all non-executive workers should expect the lump sum as a percentage of their pay, according to an Associated Press report. Many will also receive grants of unrestricted stock in the reorganized airline.

Ownership stakes in Delta will be awarded to managers in the form of restricted stock,...
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