Delta Air Lines Inc. Chief Executive Gerald Grinstein on Wednesday said the struggling No. 3 U.S. airline will cut 6,000 to 7,000 jobs over the next 18 months and drop Dallas/Fort Worth as a hub as it tries to avoid bankruptcy.
Grinstein, speaking in Atlanta, said bankruptcy remained a "real possibility" for the carrier if all of the pieces of his rescue plan do not come together, including a concession deal with the carrier's unionized pilots. Shares fell about 6 percent in early trading.
He said the airline is targeting more than $5 billion in annual savings by 2006 and will restructure 51 percent of its network by January 2005.
"This marketplace is at a very rapid state of change, and it is going to continue to change," Grinstein said. "What we are now seeing is something so fundamentally different that there is no comparison with the past."
Reuters article
Grinstein, speaking in Atlanta, said bankruptcy remained a "real possibility" for the carrier if all of the pieces of his rescue plan do not come together, including a concession deal with the carrier's unionized pilots. Shares fell about 6 percent in early trading.
He said the airline is targeting more than $5 billion in annual savings by 2006 and will restructure 51 percent of its network by January 2005.
"This marketplace is at a very rapid state of change, and it is going to continue to change," Grinstein said. "What we are now seeing is something so fundamentally different that there is no comparison with the past."
Right. Because 9/11 changed everything.
....but hey, do what you want....you will anyway.
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