NEGOTIATIONS Delta Air Lines, pilots reach tentative pact on concessions

ATLANTA (AP) -- Delta Air Lines Inc. took a giant step away from bankruptcy with a tentative agreement on contract concessions from its pilots.
But details on the proposal reached Wednesday were withheld while it was reviewed by the pilots union, so it was unclear whether it included the $1 billion in concessions Delta said it needed from its 7,000 pilots.
The deal came after 15 months of negotiations that have intensified in recent days, said Karen Miller, spokeswoman for the Air Line Pilots Association.
"We will not release any details until the MEC has completed its deliberations," Chris Renkel, a spokesman for Delta's Master Executive Council, a branch of the union, said in a message to union members.
The deal must be ratified by rank-and-file pilots, which could take several days.
Tuesday was Delta's self-imposed deadline for debt-holders to respond early to an exchange offer intended to give the airline breathing room. The deadline came and went without any word from Delta on its progress.
Delta had offered to exchange $680 million of its debt with new notes secured by $1.2 billion worth of debt-free aircraft, flight simulators and flight training equipment. The offer was made to holders of $2.6 billion in various forms of Delta debt.
Earlier this month, Delta extended a debt exchange offer to Nov. 18, but said it would give some creditors a better deal if they agreed to the terms by Tuesday. There was no word about what the creditors' response has been.
Delta has warned that its debts could force it into bankruptcy, even if its unions agree to concessions.