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November 10, 2004
Delta to Cut Jobs
In an effort to avoid bankruptcy, Atlanta-based Delta Airlines announced today that it plans to cut between 6,000 and 6,900 jobs.
These staff reductions will take place over the next 18 months. Delta also plans to cut pay by 10% for all employees as well as reduce benefits. However, the airline intends to implement new employee incentive programs which include the issuance of 75 million shares of common stock.
Shareholder approval will not be sought before implementing these changes. According to Delta, the delay required to obtain shareholder approval could “seriously jeopardize” financial viability. Shareholders will simply be notified of the plan by mail.
Posted by Mandy Gibbs at 09:57 AM in Bankruptcy & Debtor/Creditor, Employees | Permalink
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