Northwest emerges from bankruptcy

Published: May 31, 2007 at 8:48 AM
Order reprints
MINNEAPOLIS, May 31 (UPI) -- Northwest Airlines, flirting with liquidation in 2005, emerged from bankruptcy Thursday planning major upgrades and mended fences.

Northwest Chief Executive Officer Doug Steenland, who signified the airline's return by ringing the bell to open the New York Stock Exchange Thursday, told the Star Tribune in Minneapolis that the airline would spend $6.2 billion on new AirBus and Boeing jets with accent on expanded international flights.

The airline, fifth largest by traffic in the United States, also listed two paramount goals as repairing employee relations and improving customer service. In regard to the latter, Northwest said each employee would be given a trip with family members or a companion.

Northwest, the last airline to step out of Chapter 11 after a six-year industry downturn that sent many airlines into bankruptcy, sought protection from creditors 20 months ago, weighed down by high labor costs, an old and overly large aircraft fleet, heavy debt and huge pension liabilities.


© 2007 United Press International, Inc. All Rights Reserved.



Fruit, vegetable intake may reduce colds (<1 min)
'Feeling' is No. 1 on U.S. record chart (5 min)
G8 agrees to work on trade matters (11 min)
Interagency law efforts nab 35K bad guys (12 min)
Internet, globalization shape new words (14 min)
Teacher allegedly attacked student (16 min)
Former chancellor charged in money scheme (19 min)
fark
When trying to get away from the police, driving off a boat launch only works on tv and the movies....
Sears, Kmart already selling Christmas merchandise
MoveOn.org draws a crowd of 30 demonstrators in Alabama. None miss work
People were looking for sexual favors on Craigslist in exchange for tickets to Michael Jackson's...
Toronto mayor tries to tell world everything is fine; cut off as press conference attacked by giant...
"If it weren't for overdraft fees, 45% of banks and credit unions wouldn't have made money in 2008"...