ATLANTA, May 3, 2007 – The Opening Bell of today’s stock market signaled the addition of Delta Air Lines’ “DAL” stock ticker to the New York Stock Exchange (NYSE) as shares of the company’s new common stock began trading. CEO Jerry Grinstein signaled his confidence in the company by purchasing 1,000 shares of new Delta stock.
The company is making the initial distribution of its new common stock to unsecured creditors with allowed claims. As part of its previously announced comprehensive compensation program, Delta made its distribution of new common stock to approximately 39,000 noncontract employees.
“There is a renewed spirit at Delta that starts with our employees’ commitment to outstanding customer service. That energy permeates the company as we remain focused on executing a solid business plan that we expect will deliver great value for all of our stakeholders, including customers, employees, business partners and, of course, our new shareholders,” said Edward H. Bastian, Delta’s executive vice president and chief financial officer. “We are proud to be continuing our more than 50 year relationship with the New York Stock Exchange at this important moment in Delta’s history.”
Delta emerged from Chapter 11 on April 30, 2007, following a successful 19-month restructuring during which the airline fundamentally transformed its business. The company’s Plan of Reorganization was confirmed in an order entered by the U.S. Bankruptcy Court for the Southern District of New York on April 25, 2007. Delta Air Lines, Inc. began trading on the NYSE on April 26 on a when-issued basis under the ticker symbol “DAL.WI”. Regular way trading began today under the ticker symbol “DAL”.
To commemorate Delta’s emergence from Chapter 11 and the relisting of its common stock on the NYSE, the company is participating in The Opening and Closing Bell ceremonies with the NYSE. Delta executives this morning rang The Opening Bell from the airline’s newly redesigned international check-in lobby at Hartsfield-Jackson Atlanta International Airport. Delta executives, employees, customers and guests also are traveling to New York to ring The Closing Bell from the NYSE bell podium overlooking the trading floor in lower Manhattan.
Delta has selected Wells Fargo Bank, N.A. to serve as the transfer agent for its new common stock. Inquiries should be directed to Wells Fargo at 1-800-259-2345.
In accordance with Delta’s prior announcements and as required by the Plan of Reorganization approved by the Bankruptcy Court, Delta’s pre-plan common stock (which had traded over the counter with the symbol DALRQ) was cancelled (effective 9 a.m. April 30, 2007). Holders of the pre-plan common stock will not receive a distribution of any kind under the Plan of Reorganization.
Delta Air Lines (NYSE: DAL) offers customers service to more destinations than any global airline with Delta and Delta Connection carrier service to 311 destinations in 52 countries. With more than 60 new international routes added in the last year, Delta is adding international flights at a faster rate than any other major U.S. airline and is a leader across the Atlantic with flights to 32 trans-Atlantic destinations. To Latin America and the Caribbean, Delta offers more than 600 weekly flights to 58 destinations. Delta's marketing alliances also allow customers to earn and redeem SkyMiles on nearly 15,000 flights offered by SkyTeam and other partners. Delta is a founding member of SkyTeam, a global airline alliance that provides customers with extensive worldwide destinations, flights and services. Including its SkyTeam and worldwide codeshare partners, Delta offers flights to 462 worldwide destinations in 98 countries. Customers can check in for flights, print boarding passes and check flight status at delta.com.
Statements in this news release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actions and decisions of our creditors and other third parties with continuing interests arising in connection with our Chapter 11 proceedings; the cost of aircraft fuel; the impact that our indebtedness will have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in our operations; our ability to retain management and key employees; the effects of terrorist attacks; and competitive conditions in the airline industry.
Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in Delta’s Securities and Exchange Commission filings, including its Form 10-K for the fiscal year ended December 31, 2006.
Interested parties can obtain information about Delta’s Chapter 11 filing on the Internet at delta.com/restructure. Court filings, claims information and our Plan of Reorganization are available at deltadocket.com.
Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of May 3, 2007, and which Delta has no current intention to update.
Photo and Video available:
3:55 p.m. - 4 p.m., Thursday, May 3 – Live footage The Closing Bell from the NYSE
DownLink: 11706.5 (V)
Satellite/TR: 01 –Ch B9
Symbol Rate: 6.1113
Digital Info: AMC 2 (KU) Digital
The Closing Bell feeds are also available via fiber line at Ascent media #1630.
Photos of The Closing Bell at the NYSE will be available via Associated Press/New York (212-621-1902), Reuters America (646-223-6285) and Bloomberg Photo (212-617-3420).