Northwest signals return to NYSE

1st Jun 2007

Thirteen Northwest
Airlines employees have rung the opening bell on the New
York Stock Exchange, signaling the completion of the airline’s
restructuring process as well as its recommitment to customers and
employees.The thirteen employees, representing the company’s various work
groups, are recipients of the President’s Award, the highest honor
bestowed on a Northwest Airlines employee. Nominated by their peers,
the President’s Award winners were recognized for their ongoing
dedication to Northwest and its customers.

  Assisting the employees on the NYSE bell podium was Doug
Steenland, Northwest Airlines president and chief executive officer.
After ringing the opening bell, the Northwest CEO made the first “buy”
of new “NWA” common stock.

  “Today is a landmark day in the 81 year history of Northwest
Airlines. We have successfully repositioned the company as a stronger,
globally-focused airline with a great route network, a revitalized
fleet, a competitive cost structure and a recapitalized balance
sheet,” Steenland said.

  “Going forward, we intend to build on our core assets and increase
our focus on our customers and employees.”

  Discussing the airline’s fleet, Steenland said, “We are continuing
to spend more than $6 billion to renew our fleet. Our international
fleet now features the Airbus A330, which replaced the DC10 on
European and Asian routes. We are proud to be the first North American
carrier to operate the new Boeing 787, which we plan to place into
commercial service in the fall of 2008.”


  “Domestically, we will be introducing the first of 72, dual-class
regional jetliners to our customers next week. These new,
fuel-efficient jets, which will be flown by Northwest subsidiaries
Compass Airlines and Mesaba Airlines, allow us to offer first class
seating to more customers while permitting Northwest to open up new
routes that were not feasible to operate with larger aircraft.”

  Discussing the airline’s route network, the Northwest CEO added,
“While Northwest has one of the largest U.S., Canadian and Asia
Pacific route networks, we continue to expand our reach through our
joint venture partnership with KLM Royal Dutch Airlines and the
SkyTeam alliance. In addition, our domestic marketing agreements with
Alaska Airlines, Continental and Delta allow us to offer unparalleled
schedule convenience to our customers.”

  “One of our key focus areas is the continual improvement of our
customers’ travel experiences. We plan to spend at least $50 million
during the year on product enhancements that we believe our customers
will value.”

  Steenland added, “We believe the work that was accomplished during
our restructuring: achieve a competitive cost structure, develop a
more efficient business model and recapitalize our balance sheet will
clearly benefit our shareowners. We believe that we have a viable
business plan that will continue to deliver profits in the future.”

  Discussing employees, the company’s most important asset,
Steenland added, “The past 20 months of restructuring, with all the
change that the restructuring process entailed, has certainly been
difficult for our employees. However, over the past year and a half,
NWA’s employees have continued to deliver excellent service to our
customers. Without the assistance of our employees, we could not have
completed our restructuring in near-record time.”

  “Because of their involvement, I am pleased that our employees are
already realizing financial benefit in the forms of unsecured claims
and profit sharing. In total, we hope to be able to share with
employees some $1.6 billion through unsecured claims and profit
sharing payments through 2010.”


  On May 18, Northwest completed its restructuring process when
Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern
District of New York signed the order confirming Northwest’s Plan of
Reorganization. On May 9, Northwest had announced that 98.4 percent of
the dollar amount of claims that voted and 96.9 percent of the
airline’s creditors who voted, approved the Northwest Plan.

  In preparation for its emergence, the company had announced a new
board of directors and it was approved to trade its new common stock
on the New York Stock Exchange under the ticker symbol “NWA.”

  Trading on the NYSE commenced May 21, on a “when issued” basis
(Ticker Symbol: NWA WI). The company began “regular way” trading on
May 31, 2007. Northwest emerged from Chapter 11 protection earlier
today after meeting the closing conditions of the Plan and receiving
the proceeds from its $750 million new equity rights offering.

  In accordance with Northwest’s prior announcements, and as
required by the Plan of Reorganization approved by the Bankruptcy
Court, the outstanding common stock traded under the ticker symbol
NWACQ.PK, and the preferred stock of the company has been cancelled
for no consideration, and, therefore, the company’s former
stockholders no longer have any interest as stockholders in the


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