Stock to trade under the company’s historic ticker symbol “DAL”
ATLANTA – Delta Air Lines (Other OTC: DALRQ) announced that it has filed an application to list its new common stock on the New York Stock Exchange after the company’s emergence from bankruptcy. Subject to the approval of its listing application and the effectiveness of its Plan of Reorganization, Delta anticipates that shares of the newly issued common stock will begin trading on the NYSE in early May under the ticker symbol “DAL”.
“The planned listing of Delta’s new stock on the New York Stock Exchange is another significant milestone on our path toward emergence from bankruptcy as a strong, healthy competitor and an industry leader,” said Edward H. Bastian, Delta’s executive vice president and chief financial officer. “This action marks a return to our roots even as we look to new opportunities. By using the company’s historic ticker symbol ‘DAL’ on the exchange where Delta originally listed its stock 50 years ago, we are paying tribute to our proud history – and our tradition of outstanding service and always putting people first – as we begin a new chapter focused on positioning Delta as a global leader in a rapidly changing airline industry.”
Bastian continued, “To complement our strategy of becoming the airline of choice in New York, we can think of no better partner than the institution that epitomizes New York – the New York Stock Exchange. We are pleased to again be a part of the New York Stock Exchange as we move forward in building the new Delta.”
“Delta Air Lines is one of the great institutions in American corporate history, with a longstanding reputation for customer service and a strong commitment to using the latest technological innovations to enhance their brand and the quality of their product offering,” said John A. Thain, Chief Executive Officer, NYSE Group, Inc. “We are delighted that Delta has chosen to list its new stock on the NYSE. We welcome the opportunity to serve the company and its shareholders, and wish the people of Delta all the best as they continue their work to restore the company to its traditional position as a leader in the airline industry.”
Important Financial Disclosure
Delta’s Plan of Reorganization provides for certain creditors to receive distributions of newly issued common stock upon the Company’s emergence from bankruptcy. Holders of Delta’s existing common stock (the “old equity”) will not receive any distributions under Delta’s proposed Plan of Reorganization. The old equity, which was delisted from the NYSE on October 13, 2005, is currently trading over the counter under the symbol DALRQ. The old equity will be cancelled upon the effectiveness of the proposed Plan of Reorganization, which the company believes will be shortly after the Bankruptcy Court’s confirmation hearing scheduled on April 25, 2007. Accordingly, we urge that caution be exercised with respect to existing and future investments in the old equity and any of Delta’s existing liabilities and other securities.
About Delta
Delta Air Lines offers customers service to more destinations than any global airline with Delta and Delta Connection carrier service to 308 destinations in 52 countries. With more than 60 new international routes added in the last year, Delta is America’s fastest growing international airline and is a leader across the Atlantic with flights to 31 trans-Atlantic destinations. To Latin America and the Caribbean, Delta offers more than 600 weekly flights to 58 destinations. Delta’s marketing alliances also allow customers to earn and redeem SkyMiles on more than 14,000 flights offered by SkyTeam and other partners. Delta is a founding member of SkyTeam, a global airline alliance that provides customers with extensive worldwide destinations, flights and services. Including its SkyTeam and worldwide codeshare partners, Delta offers flights to 458 worldwide destinations in 99 countries. Customers can check in for flights, print boarding passes and check flight status at
delta.com.
Statements in this news release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to prosecute, confirm and consummate our proposed plan of reorganization with respect to the Chapter 11 proceedings; the actions and decisions of our creditors and other third parties with interests in our Chapter 11 proceedings; our ability to obtain court approval with respect to motions in the Chapter 11 proceedings prosecuted from time to time; our ability to obtain and maintain normal terms with vendors and service providers; our ability to maintain contracts that are critical to our operations; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for us to propose and confirm one or more plans of reorganization, to appoint a Chapter 11 trustee or to convert the cases to Chapter 7 cases; the cost of aircraft fuel; the impact that our indebtedness will have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in our operations; our ability to retain management and key employees; restructurings by competitors; the effects of terrorist attacks; and competitive conditions in the airline industry.
Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in Delta’s Securities and Exchange Commission filings, including its Form 10-K for the fiscal year ended December 31, 2006, filed on March 2, 2007. Current holders of Delta’s equity will not receive any distributions under Delta’s proposed Plan of Reorganization. These equity interests would be cancelled upon the effectiveness of the proposed Plan of Reorganization. Accordingly, we urge that caution be exercised with respect to investments in Delta’s existing equity securities and any of Delta’s liabilities and other securities. Investors and other interested parties can obtain information about Delta’s Chapter 11 filing on the Internet at
delta.com/restructure. Court filings, claims information and our proposed Plan of Reorganization are available at deltadocket.com. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of March 28, 2007, and which Delta has no current intention to update.
None of the statements in this press release is a solicitation of votes for or against any plan of reorganization. Any such solicitation will only be made through a disclosure statement approved by the Bankruptcy Court pursuant to section 1125 of the Bankruptcy Code.
