Manufacturing Industry
GE Commercial Finance to provide financing to Delta Air Lines
Airline Industry Information, Nov 1, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Delta Air Lines has signed a letter of commitment with GE Commercial Finance that will provide the struggling airline with USD500m in financing.
American Express Travel Related Services will provide up to USD100m of the financing, as announced in a deal at the end of October 2004, with USD300m coming in the form of a secure credit facility and another USD200m in the form of a senior secured loan over the next three years.
Delta Air Lines is now waiting on an agreement with its pilots who are voting on whether to ratify USD1bn in concessions which the airline claims it needs to avoid bankruptcy, reports Reuters.
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