ATLANTA, Oct. 28 (UPI) -- Atlanta-based Delta Airlines has narrowly escaped bankruptcy, reaching a tentative deal with its pilots union involving $1 billion in pay and benefits cuts.
Representing more than 7,000 Delta pilots, the Air Line Pilots Association told its members late Wednesday its leadership committee would review the agreement and issue an opinion Thursday, the Wall Street Journal said.
The two sides have been close to a deal for days, with pay and other concessions mostly agreed upon. But, a number of sticking points remained Wednesday, most notably Delta's resistance to the pilots' demand for a voting seat on Delta's board.
Details of how that was negotiated were not immediately available.
Delta has been scrambling to restructure its debt with creditors outside of bankruptcy-court and signed a number of deals in recent days contingent on reaching a major concessions package with the pilots. But Delta hasn't indicated how much of its $20.6 billion in debt must be restructured to ensure its financial health, the report said.
