Delta's $14M Executive Severance Plan Approved

Law360, New York (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,...
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.