- Language: English
- Published: May 2012
BULLETIN: Delta Air Lines Inc. Unveils New Strategic Plan Sep 04
- ID: 1928745
- September 2004
- Standard & Poors
NEW YORK (Standard & Poor's) Sept. 8, 2004--Delta Air Lines Inc. ('CCC'/Negative) unveiled elements of its long awaited strategic plan, and warned that if the company does not reach agreement with its pilots' union and achieve other needed changes by the end of September, it would likely file for bankruptcy. Standard & Poor's ratings on Delta, which were lowered to current levels Aug 19, 2004, are not affected. Delta's CEO, Gerald Grinstein, disclosed broad outlines of a plan that will seek to combine cost cutting (an additional $2.7 billion of annual cash savings by 2006), enhanced customer service, debt reduction, and widespread network changes (including the closure of Delta's hub at Dallas-Fort Worth International Airport). Mr. Grinstein said that lessors,...
Companies mentioned in this report are: Delta Air Lines Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.