Delta to cut 6,000-6,900 jobs, issue 75 mln sharesWed Nov 10, 2004 08:27 AM ET CHICAGO, Nov 10 (Reuters) - Delta Air Lines (DAL.N: Quote, Profile, Research) on Wednesday said it plans to eliminate between 6,000 and 6,900 jobs during the next 18 months, implement a 10 percent across-the-board pay reduction and reduce employee benefits.
Delta said it would issue as much as 75 million shares of common stock as part of its restructuring plan.
A committee of its board of directors said any delay in shareholder approval could "seriously jeopardize" its financial viability.
***Stock dilution, job cuts and pay cuts....whoopie!
D
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment