Delta Gifts Employees With Cash, Stock

Law360, New York (May 2, 2007, 12:00 AM EDT) -- On the heels of emerging from bankruptcy, Delta Air Lines has doled out 14 million new company shares and $130 million in cash payments to about 39,000 nonunion employees and 1,000 midlevel managers as part of a cash-and-stock compensation package.

Delta, which flew out of its 19-month stay in Chapter 11 protection on April 30, paid the noncontract employees an average of about $3,200 apiece, or about 8% of their 2006 earnings, while the shares are equal to a 3.5% stake in the company.

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

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.