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...
To view the full article, register now.