Delta Done With Bankruptcy Stint

Delta Air Lines(DALRQ Quote) has officially ended its 19-month stay in bankruptcy, saying it has cut enough costs and changed its business in a manner that will allow it to succeed financially and operationally.

Shares of Delta began trading Monday on what's known as a "when issued" basis, meaning the stock has been authorized but not yet issued. The airline is preparing to issue 400 million new shares on Thursday. At midday, the when-issued stock was at $20.37 on the New York Stock Exchange.

The stock has an exchange specialist, meets listing standards and has been certified by the Securities and Exchange Commission, said an NYSE spokesman. However, at the moment, trading is geared toward institutions or large brokerage firms due to complicated settlement provisions, the spokesman said.

Delta has said it will issue new shares to bankruptcy creditors and employees as part of its post-Chapter 11 compensation program. Delta will begin wide trading under the symbol "DAL," its ticker before it began bankruptcy, later this week.

The shares that traded on the over-the-counter Bulletin Board will no longer have any value.

"Through our restructuring we have successfully repaired our balance sheet, improved the customer experience, expanded our international route system and built a platform for future success," said Delta Chief Executive Gerald Grinstein in a statement. "Delta is now a fierce competitor in a tough industry, and we are confident that we will reclaim our rightful place as an industry leader."