Delta Air Lines to receive USD5.4bn from PSP

Delta Air Lines CEO Ed Bastian announced (14-Apr-2020) an agreement with the US Department of the Treasury to receive USD5.4 billion under the Payroll Support Program (PSP). The funding will include USD1.6 billion in a 10 year unsecured low interest loan, through which Delta will provide the government with warrants to acquire approximately 1% of its stock at a purchase price of USD24.39 per share over five years. Mr Bastian continued to urge for "volunteers to consider short and long term leaves of absence", commenting that employees will "continue to receive all of your benefits, and your job will be waiting for you when you return". [more - original PR]