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Delta's $14M Executive Severance Plan Approved

Law360 (February 22, 2006, 12:00 AM EST) -- The bankruptcy judge overseeing Delta Airlines’ Chapter 11 filing approved a contentious plan on Wednesday for executive severance packages intended to stem the drain of management as the carrier works toward solvency.

The plan sets aside $14.2 million to be used to grant 6 to 12 months of pay to employees who are fired due to business restructuring. Judge Adlai Hardin approved the move in U.S. Bankruptcy Court for the Southern District of New York.

Delta's request was supported by the carrier’s committee of unsecured creditors,...
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