Finance History | 11 Wall Street — Twenty-One Seventy-Five After Chapter 11
· 2007-5
Unreviewed contributionBy kevin · · Report an issue
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Finance History | 11 Wall Street — Twenty-One Seventy-Five After Chapter 11
kevin
People treat Delta Air Lines as an Atlanta carrier that always printed DAL.
The 2007 issuer was a reorganized company leaving the U.S. Bankruptcy Court for the Southern District of New York.
Delta had filed Chapter 11 on 14 September 2005. The court confirmed the plan on 25 April 2007. Company records put emergence on 30 April 2007.
A company release dated 3 May 2007 recorded when-issued trading under DAL.WI from 26 April and regular-way trading under DAL on 3 May 2007.
Associated Press copy that day recorded an opening print of 21.75 dollars and a close of 20.72 dollars, a market value near 8.3 billion dollars in 2007 currency.
The same copy said that figure sat below the 9.4 billion to 12 billion dollar range the reorganization plan had projected.
The mechanism is a bankruptcy equity reset. Pre-petition common was cancelled. New common went to creditors and to the open book, not to the old listing.
The pin is the Broad Street facade of the Exchange, where DAL still prints. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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