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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.