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Delta's New Stock Begins Trading After Carrier Exits From Bankruptcy
Topics:Stock Market | Bankruptcy
Companies:Delta Air Lines Inc.
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Delta Air Lines’ [DAL
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APDelta 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.
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