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Delta Airlines: Deal
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The WSJ claims that Delta has set its sights on sealing the deal in early February, presenting one of the two airlines as a preferred partner at their upcoming board meeting. The deal would be announced to the public as soon as mid-February, the paper reported.
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Delta CEO Gerard Grinstein has 23 years in the industry. That includes time on Delta's board, which he joined in 1987 after Delta acquired Western Airlines, where he was CEO. The deal is considered a rare example of a successful airline combination, but Grinstein is no fan of mergers, calling them last resorts that enable failing airlines to survive. He rebuffed a 2005 approach by Tilton.
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A bankruptcy judge approves an agreement between Delta and a group of retired pilots that paves the way for the airline to pay $9 million in pension obligations. The deal was presented ahead of a hearing that begins Sept. 1, when Delta will ask the court to terminate its obligations under qualified pension plans. The Delta Pilots' Pension Preservation Organization withdrew earlier objections to reach a deal with the airline in late July.
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