SANTA MONICA, Calif., June 29 (UPI) -- Delta Air Lines creditors have hired a California financial adviser to help steer a new committee seeking restructuring talks with the carrier.
Saybrook Capital LLC will advise debt holders, vendors and the pilots union of the nation's third largest airline, the Wall Street Journal reported Tuesday.
Prospects of this kind of a creditor-stakeholder committee emerged last month when Delta warned it was considering seeking creditor protection if its pilot union did not make adequate wage concessions.
The creditor committee includes about 30 to 40 creditors and represents a "balanced group," including secured and unsecured creditors, a Saybrook spokesman said.
Delta has posted more than $3.6 billion in losses dating back to 2001 and has a total debt burden of about $20 billion.
