Monday, April 30, 2007


Today, We are now out of bankruptcy.
Thanks GOD! Thanks Jerry G. for all you've done
,and Thanks to all of Us.
April 30, 2007

Delta leaves Chapter 11, reveals new look for jets

The Atlanta Journal-Constitution
Published on: 04/26/07
Delta Air Lines formally emerged from bankruptcy protection Monday and unveiled a new aircraft paint job meant to symbolize the carrier's fresh start.
Delta chief executive Gerald Grinstein said the airline's exit financing package was completed Monday morning, meeting the final condition to close its Chapter 11 proceedings.
The $2.5 billion financing package enables Delta to pay back lenders who provided money to operate while it was in bankruptcy.
Meanwhile, Grinstein and other Delta executives and workers gathered at the carrier's main hangar at Hartsfield-Jackson International Airport for the new paint job unveiling.

On the other side of the plane by the nose - Ship 638

"Jerry Grinstein
Thank you for your leadership
From the 47,163 employees of Delta Air Lines"

The new livery -- the third redesign in the past decade -- is part of a broader marketing effort by the company as it tries to leave behind a grueling financial crisis.
The new design restores a version of Delta's "widget" logo to the tails of its jets, which in recent years have been covered in wavy bands of blue and red.
However, the logo is in two-tone red rather than the old red and blue. It's also set at an angle across the tail so that the tip is cut off.
The new design also features a new, minimalist typeface for the Delta name on an all-white fuselage.
It's expected to take several years to repaint the entire fleet, as jets are cycled through. Delta said the new design will boost efficiency over the long run because it involves fewer layers of paint and cuts time and labor needed for repainting by 20 percent.
Delta said the design was the product of "months of employee and customer research" and was recommended to Grinstein by an employee committee.
Other celebratory events also were planned Monday.
Later in the week, Delta's newly issued stock will begin regular trading on the New York Stock Exchange.
Shares of the current stock, which has continued trading over-the-counter during the bankruptcy case, will be worthless.
Delta also plans to dole out stock and cash bonuses to workers, part of a new compensation plan intended to partially restore cuts made during the case. Delta says a typical worker will get about $13,000 worth of stock and cash.
The formal closure of its Chapter 11 case ends a 19-month restructuring that saw Delta slash thousands of jobs; retool its route system; cut billions in debt through negotiations with creditors; and fend off a hostile takeover bid by US Airways.
While the company hopes the new cosmetics will symbolize its fresh start, bigger questions remain: Can Delta deliver on lofty predictions of future profits? And, who will lead the company?
CEO Gerald Grinstein, a longtime board member who became CEO in a 2004 management shake-up, is 74 and intends to retire this summer.
He has said he hopes his successor is internal, and finance chief Ed Bastian or operations chief Jim Whitehurst are considered top internal candidates. But some analysts think Delta's new board could have other ideas and bring in an outsider.