An Important Week for Delta Air Lines
A pivotal week lies ahead for Delta Air Lines Inc.
The struggling carrier may release more details about its finances in a regulatory filing today, its pilots plan a rally Tuesday to defend their contract and a bankruptcy hearing is set for Wednesday on whether to void that contract and allow the company to impose deep pay and benefit cuts.
There’s a lot at stake because the pilots have raised the prospect of a strike if the court rejects their contract.
At Wednesday’s hearing in New York, U.S. Bankruptcy Judge Prudence Carter Beatty is expected to hear arguments from lawyers for Delta and the Air Line Pilots Assn., the union that represents the Atlanta-based company’s 6,000 pilots.
The judge could decide immediately on the company’s request to void the pilot contract, though most people connected to the case believe she will give the sides up to 30 more days to reach an agreement before deciding on her own.
The company wants $325 million in new concessions from its pilots, which would include a 19.5% pay cut.
The pilot union has offered $90.7 million in average annual concessions over four years.
From Associated Press
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THE WEEK AHEAD
Today
* Quarterly earnings report expected from Wal-Mart Stores Inc.
Tuesday
* The Labor Department reports the producer price index for October.
* The Commerce Department releases its retail sales figures for October.
Wednesday
* The Labor Department reports the consumer price index for October.
* The Commerce Department reports business inventories for September.
Thursday
* The Federal Reserve reports industrial production for October.
* The Commerce Department reports housing starts for October.
* Earnings reports expected from Walt Disney Co. and Hewlett-Packard Co.
