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Delta Airlines: Companies
built 632 days ago
Delta traces its roots back to 1924, when Huff Daland Dusters was founded as the world's first aerial crop dusting organization. In 1928 the company became Delta Air Service. On June 17, 1929, Delta inaugurated airline service with the first passenger flights over a route stretching from Dallas, TX to Jackson, MS, via Shreveport and Monroe, LA. In 1941, the company moved its headquarters from Monroe to Atlanta, GA.
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(This was known to all Delta employees as "Operation Clockwork") Atlanta is the largest hub for any airline in the world, with more daily flights (almost 1,000) to more destinations (246) than any other airline's hub. Further, by mid-2004 the airline had announced it would be closing its fourth busiest hub (Dallas-Fort Worth International Airport), which it did on January 31, 2005. In a hugely concessionary move, the pilots at Delta agreed to across-the-board 32.5% reductions in hourly pay rates in order to help the company stave off a bankruptcy filing. The agreement ... included numerous changes in work rules, granting the company efficiencies in staffing and scheduling.
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Delta AirElite, the business jet sector of the company, is the most profitable part of the company. A sale of this company would probably signal to the industry that Delta cannot recover from its current financial plight. Cash rich Gulfstream Aerospace Company or TAG Aviation may serve as viable suitors for this company.
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With a price that is just $2.53 per share, the stock for nearly-bankrupt DELTA AIRLINES closed at a 43-year low on August 2, 2005, beating the $2.74 per share price of May 11, 2005. DELTA joins FORD MOTOR COMPANY and GENERAL MOTORS as merely the latest American corporation that is now at or near bankruptcy. DELTA AIRLINES is the nation's third-largest airline -- and this matter is most dire.
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Delta negotiators for its pilots union reach a tentative agreement on long-term pay and benefit cuts that could avert a strike. The Atlanta-based airline's 5,930 pilots have to ratify the undisclosed deal; If they don't, the company's contract rejection request could resurface, as could the union's strike threat. Delta says a strike could put the airline out of business.
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Delta shares have lost more than 90 percent of their value in the last four years, reducing the market value of the company’s stock to only about $500 million. By comparison, discount carrier Southwest Airlines Inc.’s market capitalization of $11.5 billion is 23 times larger.
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