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Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The economic structure of the airline industry may contribute to airline bankruptcies as well. One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees.
The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions ...
Gerald Grinstein. Gerald ("Jerry") Grinstein (born 1932) is an American businessman, the former Chief Executive Officer (CEO) of Delta Air Lines. He was CEO of Burlington Northern Railroad from 1985 to 1995, and joined Delta's board of directors in 1987. He became CEO of Delta in 2004, a time of financial crisis for the airline.
Delta reduced its pension and other retirement liabilities by more than $3.5 billion last year, and there could be more improvement coming in the next few years. Delta Air Lines, Inc. Makes ...
In 1997, it rebranded as US Airways. The airline had an extensive international and domestic network, with 193 destinations in 24 countries in North America, South America, Europe, and the Middle East. The airline was a member of the Star Alliance, before becoming an affiliate member of Oneworld in March 2014.
Eastern Air Lines and Delta Air Lines had previously occupied the hangar. Delta's lease originally was scheduled to expire in 2010, but the airline returned the lease to the City of Atlanta in 2005 as part of its bankruptcy settlement. The city collected an insurance settlement of almost $900,000 due to the cancellation.
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