Delta, GE Reach Amended Financing Deal

Law360, New York (April 3, 2006, 12:00 AM EDT) -- Just a few weeks after an expert warned that bankrupt carrier Delta needs to cut costs in order to avoid liquidation, the airline has reached an amended financing deal with lender General Electric Corp.

Delta revised its aircraft and engine parts financing deal, granting GE the right to a put on leases for up to15 regional jets. This grants GE the ability to lease Delta the additional planes, but does not make the lease mandatory.

As part of the amended agreement, Delta will pay $215 million...
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