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Delta Rallies Support for China Flights

Delta Air Lines filed statements with the U.S. Department of Transportation (DOT) asking to be permitted to fly daily flights between Atlanta and Beijing. As part of the 2005/2006 U.S.-China services case, the airline has gained support of the U.S. House and Senate Aviation Subcommittee chairs. It also received the endorsement of 24 mayors, 44 airport directors and other state economic development officials in 13 states.

The move, if approved by DOT, will enable Delta to provide single-connection passenger and cargo service to China.

Delta plans to use its Boeing 777 aircraft on the route.

In other news, Delta completed financial transactions it said were important to its transformation plan.

On November 24th, Delta entered into definitive agreements with aircraft lessors and lenders under which the company expects to receive average annual concessions of approximately $57 million between 2005 and 2009.

At the same time, Delta completed a transaction under which the holders of approximately $97 million of the company’s unsecured 7.7% notes due in 2005 were exchanged for a like principal amount of newly issued unsecured 8.0% notes due in 2007 and a total of 3,921,268 shares of company common stock.

Delta also completed an exchange offer under which holders of approximately $235 million aggregate principal amount of enhanced pass through certificates due in 2005 and 2006 exchanged those securities for a like principal amount of newly issued 9.5% senior secured notes due in 2008.

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