July 21, 2004
FOR IMMEDIATE RELEASE
Delta Pilots Offer Company Substantial Relief Package
ATLANTA, GA -- The union representing Delta’s 7,500 pilots today presented management with a relief package valued to provide approximately $655-705 million in annual costs savings to the corporation. The offer includes a 23 percent pay cut as well as numerous productivity and work rule changes. These proposed concessions will be contingent upon a comprehensive restructuring of all of Delta’s costs.
Capt. John J. Malone, Chairman of the Delta Master Executive Council (MEC), a unit of the Air Line Pilots Association, issued the following statement about the union’s proposal:
“Delta’s financial problems cannot be cured by pilot concessions alone. However, we are once again taking a leadership role in attempting to re-start the talks. It is my sincere hope that given the magnitude and scope of our proposal, management will seriously engage in meaningful negotiations. Further, ALPA’s participation on the ad hoc creditors committee along with many of Delta’s secured and unsecured creditors clearly demonstrates our commitment to Delta’s financial recovery. The union’s offer will hopefully enable management to quickly address the company’s costs with all the other stakeholders.”
In exchange for the concessions contained in the relief package, ALPA is seeking financial returns and corporate governance.
Contacts: Karen Miller and Chris Renkel, 404-763-4925