November 14, 2007
Delta Air Lines Pilots Union Responds to Pardus Comments
Atlanta – Captain Lee Moak, master chairman of the Delta Air Lines pilots union, represented by the Air Line Pilots Association, Int’l (ALPA), has responded to comments by Pardus Capital Management LP regarding Delta’s role in consolidation with the following statement:
“Today’s Wall Street Journal article discusses a letter from hedge fund Pardus Capital Management LP to Delta’s senior executives encouraging a merger between Delta Air Lines and United Airlines.
“The Delta pilots’ union is aware of the recent overtures made by Pardus and other hedge fund managers who see value in the ‘financial transaction’ aspect of a consolidating event such as a merger, often without regard for the long-term consequences to the corporations, the employees, the traveling public, or the communities we serve.
“Many analysts have suggested that airline industry consolidation is inevitable. The Delta pilots are not opposed to a rational and sensible consolidation scenario. The ‘right’ merger opportunity could draw our support and result in a successful merger. However, we are not interested in a transaction just for transaction’s sake.
“It is crucial that all parties involved understand this very important point: that the Delta pilots will be critical participants from the beginning in any consolidation discussion and potential resultant event, not an afterthought to be considered at a later date. Any consolidating event that involves the Delta pilots will not happen without our active participation and consent.”
Founded in 1931, ALPA represents 60,000 airline pilots at 42 airlines in the U.S. and Canada. ALPA represents approximately 7,000 active DAL pilots. Visit the ALPA website at www.alpa.org and the Delta pilots’ website at www.deltapilots.org.
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SOURCE: Air Line Pilots Association
CONTACT: Kelly Regus, ALPA, 404-763-4925 office