Delta retired pilots to get $800 mln in claims

[crjdxr]

http://www.washingtonpost.com/wp-dyn/content/article/2006/11/27/AR2006112700704.html

Reuters
Monday, November 27, 2006; 3:15 PM

NEW YORK (Reuters) - Bankrupt Delta Air Lines Inc. <DALRQ.PK> said on Monday its creditors agreed to allow the carrier to give retired pilots an additional $719 million in pre-petition claims to help them recoup lost pension benefits.

 

[ultrarunner]

Suuuuweeeet...for them.

Can't have too much $$$ in retirement.....

 

[sstearns2]

What about the guys who lost their retirement, but are still working?

Scott

 

[ultrarunner]

What about the guys who lost their retirement, but are still working?

Scott

They let ALPA speak for them...or something like that....they have some catchy phrase I believe...

....like ALPA does me doggie style...something like that....

 

[800Dog]

They let ALPA speak for them...or something like that....they have some catchy phrase I believe...

....like ALPA does me doggie style...something like that....

They will work out the 2.1 billion and 650 million coming their way.

 

[tomgoodman]

Check NOT in the mail

NEW YORK (Reuters) - Bankrupt Delta Air Lines Inc. <DALRQ.PK> said on Monday its creditors agreed to allow the carrier to give retired pilots an additional $719 million in pre-petition claims to help them recoup lost pension benefits.

That's the CLAIM, not what the pilots will actually receive.

"What retired pilots actually receive from those claims to bolster their lost retirement benefits won't be known until Atlanta-based Delta emerges from Chapter 11 protection. That's because unsecured creditors generally only get a fraction of what they are owed."
--WSJ

 

[Lampshade]

Doug Parker will give them 40 cents on the dollar if they agree to the merger.

 

[fareview]

Doug Parker will give them 40 cents on the dollar if they agree to the merger.

Which for a Company in Bankruptcy is very strong - normally the unsecured's can receive substantially less on a per dollar basis.

fv

 

[Lampshade]

correcto mundo

 

[FDJ2]

Doug Parker will give them 40 cents on the dollar if they agree to the merger.

Claims are already selling for about 40 cents on the dollar. Parker will have to do better than that.

 

[General Lee]

It also gives the pilot group a larger peice of the pie, or percentage for the amount owed to the unsecured creditors. Now the pilots (Dalpa and the DP3 group) will have a total of $2.9 billion, and more say or more % wise in the final vote on any mergers within the unsecured Creditor Committee.


Bye Bye--General Lee

 

[General Lee]

Doug Parker will give them 40 cents on the dollar if they agree to the merger.

It was up to 58 cents on the dollar after the USAir bid, thanks to Wall St and the 16% rise in USAir's stock on Nov 15th. Wall St and other financiers now think Delta is worth more, which meant our value also shot up that day. Thanks. We just got a heck of a lot more expensive.


Bye Bye--General Lee