Delta Flies Out of Bankruptcy

Delta has emerged from bankruptcy, riding an aggressive restructuring plan to exit Chapter 11 a year ahead of schedule. The No. 3 domestic airline, which staved off a hostile takeover bid from US Airways this year, used court-enforced protections to secure cuts to wages and pension programs as it shored up high-profit international routes and restructured its fleet.

The company has shaved $3 billion off its annual operating expenses, helping it to turn a profit the last four quarters. As part of the bankruptcy reorganization deal, shareholders will lose all existing stock. The new stock is set to start trading on the NYSE on Thursday, and the company is gearing up for a $10 million rebranding effort. (More bankruptcy stories.)