DAL

#309
Delta Air Lines, Inc. Common Stock
80.0 6 USD
-0.01%
Market Price
Sektor: Industrie
Basis: USD
Gewinnwährung: USD
Tagesspanne
80.00
80.53
Jahresspanne
55.03
95.68
Tagesänderung
-1.33%
Monatliche Änderung
-9.02%
6 month change
+27.10%
Jahresänderung
+32.20%
Vorheriger Schlusskurs
81.1 4
Open
80.2 7
Tief
80.0 0
Hoch
80.5 3
Volumen
2 192
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Financials

Übersicht Finanzbericht Statistik Dividenden Documents

2026

Current report, Q3 FY2026
DELTA AIR LINES, INC. current report, Q3 FY2026
8-K
Institutional holdings, Q2 FY2026
DELTA AIR LINES, INC. institutional holdings, Q2 FY2026
13F-HR
Quarterly report, Q2 FY2026
DELTA AIR LINES, INC. quarterly report, Q2 FY2026
10-Q
INFORMATION TABLE, Q2 FY2026
DELTA AIR LINES, INC. INFORMATION TABLE, Q2 FY2026
INFORMATION TABLE
Current report, Q2 FY2026
DELTA AIR LINES, INC. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
DELTA AIR LINES, INC. current report, Q2 FY2026
8-K
Current report, Q2 FY2026
DELTA AIR LINES, INC. current report, Q2 FY2026
8-K
Institutional holdings, Q1 FY2026
DELTA AIR LINES, INC. institutional holdings, Q1 FY2026
13F-HR
Quarterly report, Q1 FY2026
DELTA AIR LINES, INC. quarterly report, Q1 FY2026
10-Q
INFORMATION TABLE, Q1 FY2026
DELTA AIR LINES, INC. INFORMATION TABLE, Q1 FY2026
INFORMATION TABLE

DELTA AIR LINES, INC. current report, Q3 FY2005

Full document

Business Context and Reporting Period

Company: Delta Air Lines, Inc.
Filing Date: September 16, 2005
Event: Voluntary Chapter 11 Bankruptcy Reorganization and Post-Petition Financing.
Context: On September 14, 2005, Delta filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York. This filing details the entry into material definitive agreements for Debtor-in-Possession (DIP) financing to fund operations during the bankruptcy proceedings.

Key Financial Metrics and Obligations

Financing Arrangements:

  • Total Committed Post-Petition Financing: $2.05 billion.
  • Amount Borrowed as of Sept 16, 2005: $1.75 billion.
  • Remaining Commitment: $300 million (subject to Final Orders).
DIP Credit Facility (GECC/Morgan Stanley):
  • Total Capacity: $1.7 billion (Term Loan A: $600M, Term Loan B: $600M, Term Loan C: $500M).
  • Drawn on Sept 16: $1.4 billion ($300M TLA, $600M TLB, $500M TLC).
  • Interest Rates: LIBOR + 5.00% (TLA), LIBOR + 7.00% (TLB), LIBOR + 9.00% (TLC).
  • Maturity: March 16, 2008.
  • Use of Proceeds: Repayment of $480M GE Pre-Petition Facility and $500M Amex Pre-Petition Facilities; remainder for general corporate purposes.
Amex Post-Petition Facility:
  • Amount Borrowed: $350 million.
  • Interest Rate: LIBOR + 10.25%.
  • Repayment: Credited against SkyMiles purchases over 17 months; final repayment date November 30, 2007.
Liquidity and Covenants:
  • Liquidity Covenant: Must maintain unrestricted funds of $750 million through May 31, 2006; $1 billion from June 1, 2006, through November 30, 2006; $750 million through Feb 28, 2007; and $1 billion thereafter.
  • EBITDAR Targets: $644 million for trailing 12 months ending Dec 31, 2005; increasing to $2.0 billion for periods ending Dec 31, 2007 and thereafter.

Note: The filing does not provide current revenue, profit, or cash flow figures for the period, as it focuses on the establishment of new debt obligations.

Material Changes Versus Prior Period

Capital Structure: The company has transitioned from pre-petition debt structures to a secured super-priority DIP financing structure. Pre-petition facilities with GECC ($480M) and Amex ($500M) were repaid in full using new DIP proceeds.
Debt Servicing: Interest rates on new facilities range from LIBOR + 5.00% to LIBOR + 10.25%, reflecting the distressed nature of the financing.
Operational Restrictions: New affirmative, negative, and financial covenants now restrict the company's ability to incur additional debt, make investments, sell assets, or pay dividends. Mandatory repayments are triggered by asset sales.

Guidance, Outlook, Risks, and Unusual Items

Management Commentary & Outlook:

  • Management has secured interim court approval for financing to ensure liquidity during reorganization.
  • A hearing for Final Orders, including the remaining $300 million borrowing, is scheduled for October 6, 2005.
Risks and Contingencies:
  • Events of Default: Includes cross-defaults, change of control, suspension of flight operations for more than two days, or revocation of routes/slots.
  • Borrowing Base: Availability of the Term Loan A is subject to a borrowing base calculation based on receivables, tickets, and asset liquidation values. Excess borrowing must be immediately repaid.
  • Net Operating Loss (NOL) Protection: A court order (NOL Order) restricts the transfer of equity and claims by "Substantial Equityholders" (7.46M+ shares) and "Substantial Claimholders" ($175M+ claims) to preserve tax assets. Violations are void ab initio.
Unusual Items:
  • The financing is secured by first-priority liens on substantially all present and future assets.
  • Letters of credit up to $200 million are available but must be fully cash collateralized.

Investor Verification Checklist

  • Final Court Approval: Verify the outcome of the October 6, 2005 hearing regarding the Final Orders and the remaining $300 million borrowing.
  • Liquidity Compliance: Monitor whether Delta maintains the required unrestricted cash balances ($750M - $1B) to avoid covenant breaches.
  • EBITDAR Performance: Track quarterly results to ensure the company meets the escalating EBITDAR targets (starting at $644M for 2005).
  • Asset Sales: Review any asset sales, as proceeds may trigger mandatory debt repayments that cannot be reborrowed.
  • NOL Order Status: Confirm if the NOL Order restricting equity and claim transfers remains in effect or is modified by the court.

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