Friday, June 1, 2007

Northwest Airlines Declares Un-Bankruptcy

Posted By on Fri, Jun 1, 2007 at 4:00 AM

Northwest Airlines emerged from Chapter 11 bankruptcy Thursday, as 13 employees of the airline rang the opening bell at the New York Stock Exchange.

The 81-year-old airline, which has major hubs in Memphis, Detroit, Tokyo, and Amsterdam, filed for Chapter 11 in 2005. Chapter 11 bankruptcy allowed the corporation relief from its creditors and a chance to reorganize under the supervision of the court.

Pilots took a 15 percent pay cut in 2003 in an attempt to help NWA avoid bankruptcy. Even though the company is back on its feet, workers will remain locked in lower pay rates through the end of 2011

For more on NWA’s resurrection from the company's perspective, go here.

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