Delta Offers $480M Reward To Employees

Law360, New York (March 20, 2007, 12:00 AM EDT) -- Delta Air Lines has promised 39,000 employees a share in $480 million as part of a compensation package to be distributed after the carrier exits Chapter 11 in May.

The package, a summary of which was filed with the U.S. bankruptcy court Tuesday, will include $350 million, or 3.5%, of outstanding Delta stock and approximately $130 in lump-sum cash payments to non-contract employees worldwide.

In an announcement Tuesday, the airline said the offer would also include pay rises beginning midyear, profit sharing and incentive awards, and...
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