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Delta CEO to Retire After Bankruptcy

Gerald Grinstein says the airline is on track to get out of Chapter 11 in the first half of next year.
Author:

Delta Air Lines

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Chief Executive Gerald Grinstein told reporters in New York this week that he will probably step down from his post after the carrier leaves Chapter 11.

He said the airline is on track to get out of bankruptcy in the first half of next year. Shortly thereafter, he expects to retire.

Grinstein's comments came along with word that he was

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approached more than a year ago by

UAL

(UAUA)

CEO Glenn Tilton about a possible merger. Grinstein told Tilton he wasn't interested in pursuing a deal.

"At the time, we were trying to avoid bankruptcy," Grinstein said. "If we had to file, we were going to go through an enormous period of change."

He also reiterated that Delta has no interest in a merger. Delta filed for bankruptcy protection in September 2005. Once the company exits, its existing shares will likely be worthless. When companies leave bankruptcy, they tend to issue new stock and cancel the old shares.