Delta's Restructuring

On April 30, 2007, Delta and our subsidiaries¹ emerged from a 19-month Chapter 11 restructuring process. The company and those subsidiaries had voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on September 14, 2005. Since then, we have achieved numerous restructuring milestones, delivering $3 billion in annual financial improvements one year ahead of schedule. Delta creditors overwhelmingly supported the company’s Plan of Reorganization. More than 95 percent of the ballots cast and claims value voting were in favor of the plan. The Bankruptcy Court entered an order confirming Delta’s Plan of Reorganization on April 25, 2007.

We have made tremendous progress in transforming Delta into a strong and healthy global carrier. At emergence, the company had reported four consecutive quarters of operating profits, with $155 million in operating profit in the first quarter of 2007. At the same time, we have made great strides in customer service and product improvements, even as we implemented the largest international expansion in our history, with more than 60 new international routes. Customer satisfaction levels are now among the highest of the network carriers.

¹Our subsidiaries that filed for Chapter 11 protection include, but are not limited to: Comair, Delta AirElite® Delta Connection® Academy, DAL Global Services, and Delta Technology.