Delta is working with U.S. House and Senate lawmakers on the measure, Chief Executive Officer Gerald Grinstein said Wednesday. The Atlanta-based company also met with the federal pension insurer, the Pension Benefit Guaranty Corp., he said. He didn't provide details.
The biggest U.S. airlines ''are not going to have any choice but to go to Congress and ask Congress to adopt a plan for stretching out the pension payments over a longer period of time,'' Grinstein said. AMR Corp.'s American Airlines, Continental Airlines and Northwest Airlines Corp. would also need the legislation, he said.
The pensions of U.S. airlines are underfunded as carriers post losses because of higher fuel costs and lower fares. Delta has $1.05 billion in pension contributions due next year, according to its latest quarterly filing with the U.S. Securities and Exchange Commission. The airline has had $6.25 billion in losses since 2000.
