Delta's New Stock Begins Trading After Carrier Exits From Bankruptcy
Delta Air Lines’ stock began trading on the New York Stock Exchange Thursday after the company emerged from bankruptcy earlier this week, ending a 19-month restructuring.
“It’s an awesome day,” Edward Bastian, Delta’s chief financial officer told CNBC’s “Squawk on the Street.” “We call it independence day.”
Delta has cut an estimated $3 billion in costs and transferred planes to promising international routes from unprofitable flights to domestic cities. But the company may be flying into a stiff headwind created by a slowing economy and rising fuel prices. Delta could be hurt if rivals cut fares in an effort to fill empty seats.
Delta's new shares trade under the symbol DAL.