Delta to Repay Albany Airport in Stock

COLONIE, N.Y. - Delta Air Lines will give the Albany County Airport Authority shares in the carrier now that it has emerged from Chapter 11 bankruptcy reorganization, airport officials said Monday.

While the number of shares and their value haven't been determined, the shares are to settle the airport's claims against Delta for $237,691 and against its Comair subsidiary for $58,111, said airport spokesman Doug Myers.

Delta said the shares would be valued between $23.50 and $30 each, The Associated Press reported, and that 400 million would be issued, putting the airline's value at $9.4 billion to $12 billion.

Delta emerged from Chapter 11 on Monday, nearly 20 months after seeking court protection in September 2005. The carrier blamed high fuel and labor costs for its filing.

On Monday, the ticket counter at Albany International Airport was decorated with red, white and blue balloons, and a big sign behind the counter read, "It's a Beautiful Day."

The airline has trimmed capacity between Albany and its hubs at Atlanta and Cincinnati, but at the same time, it has launched new service to Kennedy International Airport in New York City.

That service connects with its expanded international service. Delta has used turboprops on the Kennedy flights but plans to have regional jets on the route by Labor Day.

A regional carrier, Big Sky Airlines, also began flying as Delta Connection between Albany and Boston, and Albany and Watertown, last month.

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