Wiskey Driver
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Delta to cede almost half its gates at Boston's Logan Airport
The Salt Lake Tribune wire services
Article Last Updated: 03/05/2007 01:29:59 PM MST
var requestedWidth = 0;
if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } Posted: 1:31 PM- By Michael McDonald Bloomberg News
Delta Air Lines Inc., the largest U.S. carrier in bankruptcy, will give up nearly half the gates it controls at Boston's Logan International Airport under a 10- year lease it completed with the Massachusetts Port Authority.
The Atlanta-based carrier had formerly controlled all 22 gates at Logan's Terminal A, which opened two years ago. The authority, which sold about $500 million in bonds backed by Delta to pay for the new terminal, can now lease nine of those gates to other carriers. The bonds are insured by triple-A rated Ambac Financial Group Inc.
"This was a necessary step in Delta's transformation, allowing us to achieve our restructuring goals while maintaining our commitment to the community and customers as Boston's largest carrier," said Doug Blissit, Delta's vice president of corporate real estate, in a joint statement with the state authority.
Delta plans to emerge from Chapter 11 protection this year after cutting annual costs by $4 billion, shrinking its fleet and adding more than 50 international routes. The third-largest U.S. airline fended off a hostile takeover bid from Tempe, Arizona-based US Airways Group Inc. in January.
The deal, signed March 1, "strikes a successful balance," said Thomas Kinton, the executive director of the Massachusetts Port Authority, in Advertisement
document.writeln(AAMB6);
the joint statement. The new lease was submitted to the bankruptcy court for approval in December.
The Salt Lake Tribune wire services
Article Last Updated: 03/05/2007 01:29:59 PM MST
var requestedWidth = 0;
if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } Posted: 1:31 PM- By Michael McDonald Bloomberg News
Delta Air Lines Inc., the largest U.S. carrier in bankruptcy, will give up nearly half the gates it controls at Boston's Logan International Airport under a 10- year lease it completed with the Massachusetts Port Authority.
The Atlanta-based carrier had formerly controlled all 22 gates at Logan's Terminal A, which opened two years ago. The authority, which sold about $500 million in bonds backed by Delta to pay for the new terminal, can now lease nine of those gates to other carriers. The bonds are insured by triple-A rated Ambac Financial Group Inc.
"This was a necessary step in Delta's transformation, allowing us to achieve our restructuring goals while maintaining our commitment to the community and customers as Boston's largest carrier," said Doug Blissit, Delta's vice president of corporate real estate, in a joint statement with the state authority.
Delta plans to emerge from Chapter 11 protection this year after cutting annual costs by $4 billion, shrinking its fleet and adding more than 50 international routes. The third-largest U.S. airline fended off a hostile takeover bid from Tempe, Arizona-based US Airways Group Inc. in January.
The deal, signed March 1, "strikes a successful balance," said Thomas Kinton, the executive director of the Massachusetts Port Authority, in Advertisement
document.writeln(AAMB6);
the joint statement. The new lease was submitted to the bankruptcy court for approval in December.
