Delta filed for Chap 11 (merged thread)

[FurloughedAgain]

"wonder how many sjs sufferers have a gleam in their eye with the words, replacing routes with smaller jets....."

My thoughts exactly.

 

[michael707767]

Bye Bye pilot pensions.

cut em. I will get as much from the PBGC as I would have with my frozen pension.

 

[Otter]

from the AP

Delta Files for Chapter 11 Bankruptcy
Sep 14 5:05 PM US/Eastern

By HARRY R. WEBER
AP Business Writer


ATLANTA


Delta Air Lines Inc., hobbled by high fuel costs and heavy debt and pension obligations, filed for bankruptcy protection from its creditors Wednesday, becoming the third major carrier to enter Chapter 11 since the 2001 terrorist attacks.

The filing came as Northwest Airlines Corp., struggling with similar issues, was also expected to enter bankruptcy proceedings.

Delta's total debt is roughly $20.5 billion, and it listed $21.6 billion in assets as of June 30. The asset figure would make Delta's bankruptcy the ninth-largest in U.S. history, according to bankruptcy tracker New Generation Research Inc. The ranking could change depending on how Delta accounts for its recent $425 million sale of feeder carrier Atlantic Southeast Airlines to SkyWest Inc.

Passengers were not expected to see any immediate effects from the filing. Delta was expected to continue its normal schedule. However, as the company makes its way through bankruptcy court, some changes to Delta's operations could occur, analysts say.

Atlanta-based Delta, the nation's third-largest carrier, has lost nearly $10 billion over the last four years despite announcing it would cut up to 24,000 jobs. In September 2004, it also said it would shed its Dallas hub as part of a sweeping turnaround plan aimed at saving the airline. It has since scaled back its operations in Dallas. Delta follows into bankruptcy UAL Corp., the Elk Grove Village, Ill.- based parent of United Airlines, and Arlington, Va.-based US Airways Group, Inc., which is undergoing reorganization for the second time in three years. Fort Worth, Texas-based AMR Corp., the parent of American Airlines, the nation's biggest carrier, teetered on the verge of bankruptcy before winning deep concessions from its employees. The other so-called legacy carriers, those with a large presence in multiple regions prior to deregulation in 1978, are Eagan, Minn.-based Northwest and Houston-based Continental Airlines Inc.

 

[KigAir]

The stock will still trade (probably under symbol DALEQ) while in bankruptcy but the problem is when they emerge. The common stock will go bye-bye and they will likely issue new common. The old shares will become worthless and those shareholders will not receive any of the newly issued shares.

This is exactly what happened to KMart Stockholders when the company came out of Bankruptcy.

 

[Flechas]

wonder how many sjs sufferers have a gleam in their eye with the words, replacing routes with smaller jets.....

The only reason there is SJS is because mainline pilots agreed on it by signing a contract, maybe if all you major airline pilots would have grown a pair this wouldn't be happeneing.

 

[KigAir]

I am sorry to hear this. I hope everything works out for the employees.

 

[bafanguy]

All that's available at this point are questions. Anything presented as an "answer" to those questions will be mindless speculation.

You might want to refrain from that for the foreseeable future. Even lowcur...

 

[Spooky 1]

Hose job

So what do you think is going to happen to an erly out pilot that bolted on Aug. 1 or Sept. 1, hoping to get his lump sum before the BK took effect? It usually takes 60 days after your retirement date for the check to show up. Looks like there could be some real dissapointed pilots. Left early, and nothing to show for it, no lump sum, no job. Talk about getting screwed. On the other hand maybe they can sue to get back on the active list. Sorry just a little flame bait.

 

[Inconceivable]

Flechas speaks the truth. Funny to see guppy and -9 pilots raging at CRJ F/Os on probation when its their MEC that traded scope for widebody pay rates......

Funy sad, not funny ha-ha.

 

[kngarthur]

I think you are right. More 70 seaters are on the way. As far as larger than that, I don't know who will get them. IF we merge with NW (as speculated), their newer A319s fit that spot pretty much. I could see some E190s coming maybe, but mainline will try to get them--probably for Jetblue E190 wages....

I could see Comair or someone maybe getting DH8-400s.... If NW and DL merge, it could be really interesting..... CVG could go away, and MEM for NW. We all will take some pay cuts, then pensions go bye bye, and maybe a merger. Crazy.

Bye Bye--General Lee

Republic will fly the 190's

 

[ERfly]

Republic will fly the 190's

OOO...OOO...OOO...My turn

Go to bed, junior!

 

[StarChecker]

The only reason there is SJS is because mainline pilots agreed on it by signing a contract, maybe if all you major airline pilots would have grown a pair this wouldn't be happeneing.

Well said. We don't want these airplanes.

 

[PCL_128]

when its their MEC that traded scope for widebody pay rates......

MEC's don't trade anything by themselves. MEC's just vote whether to send a contract to the pilot group for them to decide on. If you want to place blame, then blame the entire pilot groups, not just MEC's. Everyone has some blame to share on this monumental mess that was created 2 decades ago. ALPA national and the MEC's are not the sole problems. Everyone contributed that voted for looser scope.

 

[Major Metalhead]

One thing is for sure..

things are gonna change, and they are gonna change big time..the slate has been erased..

 

[General Lee]

Republic will fly the 190's

Riiiiight. That's funny, the AJC paper said yesterday that GE would help Delta finance new "larger" regional jets. Couldn't Chautaqua or Republic finance it on their own? They could, right? Looks like GE would finance them for us....Get it? Comair will likely get huge pay cuts along with us, and then get sold to Mesa. And, NW (a possible merger with us) stated in their opener that they would furlough a bunch of their pilots and allow THEM to fly new E190s at a different subsidiary. I tend to think you could be WRONG.


Bye Bye--General Lee

 

[General Lee]

So what do you think is going to happen to an erly out pilot that bolted on Aug. 1 or Sept. 1, hoping to get his lump sum before the BK took effect? It usually takes 60 days after your retirement date for the check to show up. Looks like there could be some real dissapointed pilots. Left early, and nothing to show for it, no lump sum, no job. Talk about getting screwed. On the other hand maybe they can sue to get back on the active list. Sorry just a little flame bait.

Good question. They could be hosed. I bet they are watching the mailman very closely, running to the mailbox each time they see him/her....(waiting for the lump sum check)

Bye Bye--General Lee

 

[RCA]

Ive been reading this board for awhile and it seems as if the person writting responses for general lee has changed.

Comair will likely get HUGE pay cuts along with us, and then get SOLD TO MESA.
whats the deal

 

[DDpaysoff]

Comair will likely get huge pay cuts along with us, and then get sold to Mesa.


Bye Bye--General Lee

Dude, how much do you think we make? It is impossible to take huge cuts. We are already near industry average. There's not much to cut here, we work for Sh1t wages already. Why don't you worry about your own problems instead of how big of a paycut Comair is going to take.

You seriously need to relax a bit and take a break from your job and all the talk about it. It's not healthy.

 

[General Lee]

Dude, how much do you think we make? It is impossible to take huge cuts. We are already near industry average. There's not much to cut here, we work for Sh1t wages already. Why don't you worry about your own problems instead of how big of a paycut Comair is going to take.

You seriously need to relax a bit and take a break from your job and all the talk about it. It's not healthy.

I know it's not healthy. I have a headache the size of Georgia. I am not advocating large pay cuts, but I bet management is. Compared to other regionals (ie MESA), you are paid more. That will come down, just like our pay. We are currently paid more than United, which will change too. That is what happens when your company goes down the toilet. Everyone hurts. ASA was sold to SkyWest, and is not part of DL anymore. They are really lucky. Anyone associated with DL will get some large pay cuts, except the bankruptcy attornies.

Bye Bye--Geneal Lee

 

[Stifler's Mom]

wonder how many sjs sufferers have a gleam in their eye with the words, replacing routes with smaller jets.....

Probably far too many short sighted SOB's. Anything larger than 70-seats needs to be at mainline.

 

[climbhappy]

Can the Delta senior Captains, who retired only to fly again under a contract, void the contract or simply refuse to fly for any less pay out of the BK?

 

[General Lee]

Can the Delta senior Captains, who retired only to fly again under a contract, void the contract or simply refuse to fly for any less pay out of the BK?

No, I doubt it. With the parking of certain airplanes by the end of next year, most of them will be leaving as those other captains retrain onto larger aircraft. Also, the contract pilots (the PRPs) have lower seniority numbers than the current furloughed pilots. The judge may allow them to stay a little longer, but they will all eventually go. There are about 300 PRPs flying the larger aircraft.


Bye Bye--General Lee

 

[Hovernut]

YOU-WILL-BE-EX-TERMI-NA-TED! *Kerpow!*

Said, of course, in your best imitation of Dr. Who's nemesis Dalek tone!

 

[Bluto]

ASA was sold to SkyWest, and is not part of DL anymore. They are really lucky. Bye Bye--Geneal Lee

Why's that? I thought you said Delta was going to dump SkyWest and Mesa would take over SLC? Did you change your mind?

 

[~~~^~~~]

MEC's don't trade anything by themselves. MEC's just vote whether to send a contract to the pilot group for them to decide on. If you want to place blame, then blame the entire pilot groups, not just MEC's. Everyone has some blame to share on this monumental mess that was created 2 decades ago. ALPA national and the MEC's are not the sole problems. Everyone contributed that voted for looser scope.

Watch out, you are getting close to agreement with the RJDC.

 

[garf12]

Whats to say that they will come out of this? I really have no idea I am not saying they aren't I am just wondering. Whats different about them versus Braniff and Pan Am?

 

[~~~^~~~]

Riiiiight. That's funny, the AJC paper said yesterday that GE would help Delta finance new "larger" regional jets. Couldn't Chautaqua or Republic finance it on their own? They could, right?

Bye Bye--General Lee

General:

If you look at the fine print, Bombardier is in on the deal. That suggests the C series jets to me. Bombardier needs 50 sales of the new aircraft fast, or else the Canadian government is going to pull the plug. It is a 110 to 130 seat airframe, which sounds like mainline to me, but then again, your MEC is involved and they tend to sell stuff down the river pretty fast to protect your bro's on the 767.

 

[DDpaysoff]

I know it's not healthy. I have a headache the size of Georgia. I am not advocating large pay cuts, but I bet management is. Compared to other regionals (ie MESA), you are paid more. That will come down, just like our pay. We are currently paid more than United, which will change too. That is what happens when your company goes down the toilet. Everyone hurts. ASA was sold to SkyWest, and is not part of DL anymore. They are really lucky. Anyone associated with DL will get some large pay cuts, except the bankruptcy attornies.

Bye Bye--Geneal Lee

Insert Delta managment rant here! I need to take a break myself. I wonder what kind of fare sale will be announced tomorrow.

 

[Hovernut]

General:

If you look at the fine print, Bombardier is in on the deal. That suggests the C series jets to me. Bombardier needs 50 sales of the new aircraft fast, or else the Canadian government is going to pull the plug. It is a 110 to 130 seat airframe, which sounds like mainline to me, but then again, your MEC is involved and they tend to sell stuff down the river pretty fast to protect your bro's on the 767.

Plus, the LOA scope and block hour restrictions just went out the window with BK.

As to the snide SJS comment from a previous poster...get a life you moron! Only a fool would look at this and smile. Yes, there may be a couple of them, but we're all in this together and we need to do whatever it takes to return to profitibility. When we're flying full 50 or 70 seaters and turning away pax, then mainline should be putting on their equipment.