Delta Airlines

About Delta Airlines

Delta Airlines filed for Chapter 11 bankruptcy on September 14, 2005. Delta was hit by high fuel costs, competition from low cost carriers, and the aftermath of September 11. Delta rejected a hostile takeover by US Airways. CEO Gerald Grinstein led the restructuring. Delta terminated its pilot pension plan, shifting responsibility to the PBGC. Employees took pay cuts. Delta emerged from bankruptcy on April 30, 2007. The company acquired Northwest Airlines in 2008. Delta returned to profitability and became one of the most profitable airlines in the 2010s. The Delta bankruptcy was part of a wave of airline bankruptcies in the 2000s including United, US Airways, and Northwest. The industry consolidation that followed created a more profitable airline sector.