Delta Air Lines exits Bankruptcy

Delta Air Lines exits Bankruptcy

US based airline company Delta Air Lines Inc. has finally exited bankruptcy. The third largest airline company in the US has managed to perform well in the recent times as they have implemented job cuts and launched 60 new overseas routes.

The company is shuffling planes to expand their services to more international destinations. This has helped them to keep the costs low as they do not need to buy new planes to serve new markets.

Delta also now has 31 percent of its capacity on higher-profit international routes. This is a 50% improvement compared to the times when it filed for bankruptcy in September 2005. They have managed to cut their U.S. capacity by 16 percent in 2006 as they are how using smaller planes in this region.

Delta Chief Executive Officer Gerald Grinstein said in a statement: “From the start, Delta’s plan was to re-engineer the business top to bottom. It was not simply to cut costs and go back to doing business as before.”

The company has performed well in the recent times as they managed to slash their annual costs by more than $3 billion. Delta added that its long-term debt is down to $8 billion from $17 billion as of its Sept. 14, 2005, bankruptcy filing.