Delta Air Lines (DAL) - Get Report has secured a $500 million financing commitment from General Electric (GE) - Get Report, the latest step in the airline's efforts to stay aloft.

The third-largest U.S. airline announced Monday that GE Commercial Finance had agreed to provide $300 million in the form of a senior secured revolving credit facility and $200 million in the form of a senior secured term loan. Both portions are subject to significant conditions, including the completion of a part of Delta's current debt exchange program and the consummation of a deal with

American Express

(AXP) - Get Report

, which last week agreed to provide Delta with up to $600 million in fresh financing.

Delta's recent moves aim to give the carrier some liquidity as it seeks to lower its cost structure and restructure some of its $20.6 billion in debt in an environment of record-high fuel prices, overcapacity and tough price competition. Last week, the airline announced its pilots union had agreed to wage and benefit concessions worth an estimated $1 billion a year. Pilots begin voting on the package today.

Although the deal with pilots averted an imminent filing for Chapter 11 bankruptcy protection, Gerald Grinstein, the company's chief executive, said last week that bankruptcy remains a possibility due to the company's "precarious financial situation."

Delta shares were up 5 cents, or 0.9%, at $5.50. The recently volatile stock gained 68% over the course of last week, buoyed by news of the deal with pilots, diminished fears of an imminent bankruptcy filing and short-covering.

Last month, Delta reported a net loss of $646 million, or $5.16 a share, for the third quarter, much worse than the loss of $164 million, or $1.36 a share, it logged a year earlier.

Network rivals such as American Airlines parent

AMR

(AMR)

,

Continental

(CAL) - Get Report

, and

Northwest

(NWAC)

also reported quarterly losses, although none were nearly as large as Delta's.