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<SEC-DOCUMENT>0001167966-05-001326.txt : 20050915
<SEC-HEADER>0001167966-05-001326.hdr.sgml : 20050915
<ACCEPTANCE-DATETIME>20050915095250
ACCESSION NUMBER:		0001167966-05-001326
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050914
ITEM INFORMATION:		Bankruptcy or Receivership
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050915
DATE AS OF CHANGE:		20050915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELTA AIR LINES INC /DE/
		CENTRAL INDEX KEY:			0000027904
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				580218548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05424
		FILM NUMBER:		051085743

	BUSINESS ADDRESS:	
		STREET 1:		HARTSFIELD ATLANTA INTL AIRPORT
		STREET 2:		1030 DELTA BLVD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30354-1989
		BUSINESS PHONE:		4047152600

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 20706
		STREET 2:		DEPT 981
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30320-6001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELTA AIR CORP
		DATE OF NAME CHANGE:	19660908
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>t7632_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


      Date of Report (Date of earliest event reported): September 14, 2005
                                                        ------------------


                              DELTA AIR LINES, INC.
          -----------------------------------------------------------
             (Exact name of registrant as specified in its charter)



            Delaware                  001-05424                58-0218548
- -------------------------------- --------------------- -------------------------
  (State or other jurisdiction       (Commission             (IRS Employer
       of incorporation)             File Number)         Identification No.)


                   P.O. Box 20706, Atlanta, Georgia 30320-6001
                   -------------------------------------------
                    (Address of principal executive offices)


       Registrant's telephone number, including area code: (404) 715-2600
                                                           --------------


                  Registrant's Web site address: www.delta.com
                                                 -------------

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

| |  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)
| |  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)
| |  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))
| |  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



<PAGE>


ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP


On September 14, 2005, Delta Air Lines, Inc. ("Delta") and certain of its
subsidiaries (collectively, the "Debtors") (1) filed voluntary petitions for
reorganization under Chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code"), in the United States Bankruptcy Court for the Southern
District of New York (the "Court") (Case Nos. 05- 17923-PCB). The reorganization
cases are being jointly administered under the caption "In re Delta Air Lines,
Inc., et al., Case No. 05-17923-PCB." The Debtors will continue to operate their
business as "debtors-in possession" under the jurisdiction of the Court and in
accordance with the applicable provisions of the Bankruptcy Code and orders of
the Court.


ITEM 8.01  OTHER EVENTS.


On September 14, 2005, Delta issued a press release announcing that it and
certain of its subsidiaries filed voluntary petitions for reorganization under
Chapter 11 of the Bankruptcy Code. In this press release, Delta also announced
that it is arranging $2.05 billion in post-petition financing. This financing is
subject to court approval. A copy of the press release is attached hereto as
Exhibit 99.1


Additional information about Delta's Chapter 11 filing is available on the
Internet at delta.com/restructure. Court filings and claims information are
available at deltadocket.com. Delta expects to begin submitting monthly
operating reports to the Court in November and also plans to post these monthly
reports in the Investor Relations section of delta.com. Delta will continue to
file quarterly and annual reports with the Securities and Exchange Commission,
which will also be available in the Investor Relations section of delta.com.


On September 14, 2005, Delta's Chief Executive Officer issued a memorandum to
all Delta employees discussing Delta's voluntary petition for reorganization
under Chapter 11. A copy of the memorandum is attached hereto as Exhibit 99.2.


In addition, on September 14, 2005, Delta issued a second press release
announcing the approval of certain interim orders by the Court pending
consideration of the Debtors' "first day" motions. A copy of the press release
is attached hereto as Exhibit 99.3.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

         Exhibit 99.1      Press Release dated September 14, 2005 titled "Delta
                           Air Lines Files for Chapter 11 Reorganization to
                           Address Financial Challenges"

         Exhibit 99.2      Memorandum dated September 14, 2005 from Gerald
                           Grinstein, Chief Executive Officer, to all Delta
                           Employees titled "Delta's Financial Reorganization
                           under Chapter 11"

         Exhibit 99.3      Press Release dated September 14, 2005 titled
                           "Delta Air Lines Receives Court Approval for Interim
                           Orders"


- ----------
(1) The Debtors are the following entities: ASA Holdings, Inc.; Comair Holdings,
LLC; Comair, Inc.; Comair Services, Inc.; Crown Rooms, Inc.; DAL Aircraft
Trading, Inc.; DAL Global Services, LLC; DAL Moscow, Inc.; Delta AirElite
Business Jets, Inc.; Delta Air Lines, Inc.; Delta Benefits Management, Inc.;
Delta Connection Academy, Inc.; Delta Corporate Identity, Inc.; Delta Loyalty
Management Services, LLC; Delta Technology, LLC; Delta Ventures III, LLC;
Epsilon Trading, Inc.; Kappa Capital Management, Inc.; Song, LLC.


<PAGE>



                                   SIGNATURES



        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                                               DELTA AIR LINES, INC.



                                               By:  /s/ Edward H. Bastian
                                                  --------------------------
                                                  Edward H. Bastian
Date: September 15, 2005                          Executive Vice President
                                                    and Chief Financial Officer



<PAGE>



                                  EXHIBIT INDEX


Exhibit Number          Description
- --------------          -----------

Exhibit 99.1            Press Release dated September 14, 2005 titled "Delta Air
                        Lines Files for Chapter 11 Reorganization to Address
                        Financial Challenges"

Exhibit 99.2            Memorandum dated September 14, 2005 from Gerald
                        Grinstein, Chief Executive Officer, to all Delta
                        Employees titled "Delta's Financial Reorganization under
                        Chapter 11"

Exhibit 99.3            Press Release dated September 14, 2005 titled "Delta Air
                        Lines Receives Court Approval for Interim Orders"


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>


                                                                    EXHIBIT 99.1



FOR IMMEDIATE DISTRIBUTION

CONTACT:  Corporate Communications
          404-715-2554

          Investor Relations
          404-715-6679


         DELTA AIR LINES FILES FOR CHAPTER 11 REORGANIZATION TO ADDRESS
                              FINANCIAL CHALLENGES

     - DELTA AND SUBSIDIARIES WILL CONTINUE TO OPERATE FULL FLIGHT SCHEDULE,
   HONOR TICKETS AND RESERVATIONS, MAINTAIN SKYMILES PROGRAM, AND PROVIDE PAY
                          AND BENEFITS TO EMPLOYEES -

        -- COMPANY ARRANGING $2.05 BILLION IN POST-PETITION FINANCING --

ATLANTA, September 14, 2005 - Delta Air Lines (NYSE: DAL) today announced that
to address its financial challenges and support its ongoing efforts to become a
simpler, more efficient and cost-effective airline, the company and its
subsidiaries have filed voluntary petitions for reorganization under Chapter 11
of the U.S. Bankruptcy Code.

Delta's Board of Directors, in a unanimous decision, directed the company to
take this action after determining that a Chapter 11 reorganization is in the
best long-term interest of the company, its employees, customers, creditors,
business partners and other stakeholders.

Delta expects to continue normal business operations today and throughout the
reorganization process. Specifically, it expects to continue to:

        o       Operate its full schedule of flights worldwide;

        o       Honor tickets and reservations and provide refunds and exchanges
                as usual;

        o       Maintain the SkyMiles program and other customer service
                programs;

        o       Provide amenities like Crown Room Clubs and international
                lounges in select cities;

        o       Provide employee wages, healthcare coverage, vacation, sick
                leave and similar benefits without interruption; and,


<PAGE>

                                                                               2



        o       Pay suppliers for goods and services received during the
                reorganization process.

"The action we have taken is a necessary and responsible step to preserve
Delta's value for our creditors, customers, employees, business partners and
other stakeholders as we address our financial challenges and work to secure our
future," said Delta CEO Gerald Grinstein. "Delta is open for business as usual
and will continue normal operations throughout the reorganization process. Our
customers can be confident that they remain our number one priority and that
their travel plans and SkyMiles are secure."

To help support its business during the Chapter 11 proceedings, Delta has
obtained a commitment for $1.7 billion in debtor-in-possession (DIP) financing
from General Electric Capital Corporation (GECC) and Morgan Stanley as Co-Lead
Arrangers. The commitment includes up to $1.4 billion of financing on an interim
basis pending final approval of the full DIP financing at a later date.

In addition to the commitment for the new $1.7 billion DIP financing, which
replaces approximately $980 million in secured pre-petition financing from GECC
and American Express, Delta has an agreement in principle with American Express
to provide the airline with an additional $350 million of secured financing.
Altogether, Delta's post-petition financing arrangements now total up to $2.05
billion, an increase of approximately $1.07 billion from the company's
pre-petition secured credit facilities.

During the last year, Delta has developed and implemented a transformation plan
aimed at achieving approximately $5 billion in annual financial benefits by the
end of 2006 as compared to 2002. As of June 30, 2005, Delta had implemented
initiatives intended to achieve approximately 85 percent of these benefits and
was ahead of schedule to meet its target. However, persistent record-high fuel
costs at unpredicted and unprecedented levels and the continued downward
pressure on revenues within the airline industry substantially outpaced and
masked these benefits. Despite doing everything it could to preserve its
liquidity, Delta has determined that it has no alternative but to utilize the
protections and flexibilities provided by the U.S. bankruptcy laws. Delta
intends to use the additional time and flexibility provided by the Chapter 11
process to expand its transformation plan and move the company toward a more
secure future.

"Delta's financial problems are severe, but by no means insurmountable," Mr.
Grinstein said. "We are optimistic about our future because we have been working
for months on a business plan that builds on the substantial improvements we've
already made and demonstrates that Delta can return to profitability once the
company is able to restructure appropriately."

Delta understands that any cost savings that it is able to achieve while in
Chapter 11 must fit within the strategic context of a sensible business plan
that remakes the airline into a profitable company. Delta has made great strides
over the last few years to adapt itself to the new competitive environment,
undertaking major cost-cutting initiatives and massive network, scheduling and
operational improvements - without adversely


<PAGE>


                                                                               3



impacting its customer service rankings. As part of these efforts to improve
efficiency and bottom line results, Delta undertook the largest single-day
schedule restructurings in its history, including the redesign of the Atlanta
hub operation and the elimination of its hub operation at Dallas/Ft. Worth
airport. The airline also restructured its domestic fare system with
industry-leading "Simplifares," rolled out extensive new customer-focused
airport technology, and outsourced a significant portion of its heavy
maintenance, among other steps. Delta's in-court business plan builds on these
achievements and on its competitive strengths and is designed to return the
carrier to profitability.

Delta plans to use Chapter 11 to reconfigure its fleet and network footprint in
a manner that will enhance its revenues. First, Delta plans to simplify and
streamline its fleet by targeting four aircraft types to be removed by the end
of 2006, so that only seven mainline aircraft types will remain. Second, Delta
plans to deploy smaller aircraft on many of its routes so that it utilizes the
proper-sized aircraft for the route it is flying. Third, Delta will continue to
right-size its hub operations. Fourth, Delta plans to increase its capacity on
international routes with greater profit potential.

In addition to these substantial network and operational improvements, Delta has
determined that further job reductions and changes to employee pay and benefits
are a necessary component of its business plan. "Any changes in pay and benefits
will be in the context of a comprehensive business plan that is equitable and
involves other Delta stakeholders," said Grinstein. "Importantly, Delta people
at every level and across all work groups also will have a greater ability than
they do now to benefit from our financial recovery and operational excellence,"
he added. The company said it will be communicating to employees more details
about these changes as early as next week.

On September 12, Delta presented the union that represents Delta pilots, the Air
Line Pilots Association (ALPA), with pilot cost-saving proposals necessary to
help address the company's severe challenges.

Given its financial situation and the need to preserve as much cash as possible
for its operations, Delta does not plan to make the qualified defined benefit
plan funding contributions soon due. "Missing contributions does not mean that
our qualified plans stop paying monthly retirement benefits or that we have
initiated the process to terminate the plans," Grinstein said.

The company is continuing to pursue pension reform legislation that might make
the plans more affordable. However, because of Delta's growing financial
pressures, there can be no guarantees - even with pension reform - about the
future of Delta's qualified defined benefit pension plans. "Ultimately, what we
can afford in the future airline business environment, as well as the nature of
any legislation, will determine what is possible," Grinstein asserted.

He added, "As we deal with our financial challenges, it is important to keep in
mind that Delta - the world's second-largest passenger airline, the leading U.S.
carrier across the


<PAGE>

                                                                               4



Atlantic and the third-largest carrier to Latin America - has formidable
strengths: Delta people and the customer loyalty their superior service
inspires; the significant network advantages derived from having the world's
largest hub (in Atlanta), supported by our hubs in Cincinnati, Salt Lake City,
New York-JFK and many focus cities; Song - our award-winning, low-fare air
service; and Delta's cutting-edge, passenger-friendly technology are but a few
of our distinguishing assets."

He concluded, "As Delta rises to meet new challenges, I am certain some things
will never change. Our resolve to keep flying while upholding the highest
standards of safety and service will not falter. Our commitment to the principle
that Delta people will share in any success their sacrifice helps make possible
will not waver. Our gratitude for the loyalty of our customers and the support
of the communities we serve will not subside. And, our pride in this great
company and in one another will not be shaken."

Delta's Chapter 11 cases were filed today in U.S. Bankruptcy Court for the
Southern District of New York. Delta has filed a motion with the Court seeking
interim relief that will ensure the company's continued ability to conduct
normal operations. If such interim relief is granted by the Court, Delta will be
authorized, among other things, to:

        o       Provide employee wages, healthcare coverage, vacation, sick
                leave and similar benefits without interruption.

        o       Honor pre-petition obligations to customers and continue
                customer programs including Delta's SkyMiles frequent-flyer
                program.

        o       Pay for fuel under existing fuel supply contracts, and honor
                existing fuel supply, distribution and storage agreements.

        o       Assume contracts relating to interline agreements with other
                airlines.

        o       Pay pre-petition obligations to foreign vendors, foreign service
                providers and foreign governments.

        o       Continue maintenance of existing bank accounts and existing cash
                management systems.


Delta's principal bankruptcy counsel is Davis Polk & Wardwell. Its financial
adviser is the Blackstone Group.

More information about Delta's Chapter 11 filing is available on the Internet at
delta.com/restructure. Court filings and claims information are available at
deltadocket.com. Delta expects to begin submitting monthly operating reports to
the Bankruptcy Court in November and also plans to post these monthly operating
reports on the Investor Relations section of delta.com. The company will
continue to file quarterly and annual reports with the Securities and Exchange
Commission, which will also be available in the Investor Relations section of
delta.com.

Delta Air Lines is the world's second-largest airline in terms of passengers
carried and the leading U.S. carrier across the Atlantic, offering daily flights
to 502 destinations in 88


<PAGE>
                                                                               5



countries on Delta, Song, Delta Shuttle, the Delta Connection carriers and its
worldwide partners. Delta's marketing alliances allow customers to earn and
redeem frequent flier miles on more than 14,000 flights offered by SkyTeam and
other partners. Delta is a founding member of SkyTeam, a global airline alliance
that provides customers with extensive worldwide destinations, flights and
services. Customers can check in for flights, print boarding passes and check
flight status at delta.com.



STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT HISTORICAL FACTS, INCLUDING
STATEMENTS REGARDING DELTA'S ESTIMATES, BELIEFS, EXPECTATIONS, INTENTIONS,
STRATEGIES OR PROJECTIONS, MAY BE "FORWARD-LOOKING STATEMENTS" AS DEFINED IN THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL FORWARD-LOOKING STATEMENTS
INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THE ESTIMATES, BELIEFS, EXPECTATIONS, INTENTIONS,
STRATEGIES AND PROJECTIONS REFLECTED IN OR SUGGESTED BY THE FORWARD-LOOKING
STATEMENTS. THESE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, OUR
ABILITY TO MAINTAIN ADEQUATE LIQUIDITY, THE POSSIBLE IMPOSITION OF A SIGNIFICANT
RESERVE OR HOLDBACK UNDER OUR CREDIT CARD PROCESSING AGREEMENTS, OUR ABILITY TO
COMPLY WITH FINANCIAL COVENANTS IN OUR LOAN AGREEMENTS, OUR DEBT AND PENSION
PLAN FUNDING OBLIGATIONS, THE COST OF AIRCRAFT FUEL, PILOT EARLY RETIREMENTS,
THE EFFECT OF CREDIT RATINGS DOWNGRADES, INTERRUPTIONS OR DISRUPTIONS IN SERVICE
AT ONE OF OUR HUB AIRPORTS, OUR INCREASING DEPENDENCE ON TECHNOLOGY IN OUR
OPERATIONS, LABOR ISSUES, RESTRUCTURINGS BY COMPETITORS, THE EFFECTS OF
TERRORIST ATTACKS AND COMPETITIVE CONDITIONS IN THE AIRLINE INDUSTRY. ADDITIONAL
INFORMATION CONCERNING RISKS AND UNCERTAINTIES THAT COULD CAUSE DIFFERENCES
BETWEEN ACTUAL RESULTS AND FORWARD-LOOKING STATEMENTS IS CONTAINED IN DELTA'S
SECURITIES AND EXCHANGE COMMISSION FILINGS, INCLUDING ITS FORM 10-Q, FILED WITH
THE COMMISSION ON AUGUST 15, 2005. CAUTION SHOULD BE TAKEN NOT TO PLACE UNDUE
RELIANCE ON DELTA'S FORWARD-LOOKING STATEMENTS, WHICH REPRESENT DELTA'S VIEWS
ONLY AS OF SEPTEMBER 14, 2005, AND WHICH DELTA HAS NO CURRENT INTENTION TO
UPDATE.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<PAGE>

                                                                    Exhibit 99.2


                                                        INTERNAL MEMORANDUM

                                                        DATE: September 14, 2005

TO:               All Delta Employees

FROM:             Jerry Grinstein, Chief Executive Officer

SUBJECT:          DELTA'S FINANCIAL REORGANIZATION UNDER CHAPTER 11

At the unanimous direction of Delta's Board of Directors, our company took a
necessary and responsible step to secure Delta's future by voluntarily filing to
reorganize under Chapter 11 of the U.S. Bankruptcy Code. The decision to file
allows us to address the company's financial challenges immediately and in the
short-term, while continuing our work together to position this great company
for the long-term.

It is important for everyone to know that Delta is open for business as usual.
Delta will continue to provide superior customer service, and we plan to:


o       provide employee wages, healthcare coverage, vacation, sick leave and
        similar benefits without interruption;
o       fly our full schedules;
o       honor tickets and reservations, and make refunds and exchanges as usual;
o       maintain our award-winning SkyMiles and other customer service programs;
        and
o       pay our suppliers for goods and services we receive during our
        reorganization.


As always, our passengers can count on us for their business and leisure travel.
Our cargo customers can depend on their shipments arriving when and where they
need to be. With your help, our customers will see no change in the airline they
depend on. And, knowing Delta people, I am confident our customer focus - the
hallmark of our airline - will be stronger than ever.

So why did we voluntarily decide to restructure through the courts now, when we
have worked so hard for so long to recover on our own? Simply put, persistent
record-high fuel prices and the aggressive pricing pressures brought on by
low-cost carriers (LCCs) intent on beating us outpaced and masked the
significant progress we've made with our Transformation Plan. Despite everyone's
sacrifice and the significant improvements we are making together, unless we
took this step we soon would no longer have had enough cash to run our
operation, pay our bills and protect our assets.

In many ways, the Chapter 11 process is beneficial to us. The process lets us
continue normal business operations while we restructure our debt and other
obligations, and involves other Delta stakeholders in ways that otherwise would
not have been available to us. In light of our current financial situation, it
is the path Delta needs to take to survive now and become a competitive force
and a strong company in the future. Make no mistake; this is exactly what we
intend to do.

We have come a very long way since our restructuring efforts began in 2001.
Boldly and innovatively, and in the overall context of our comprehensive
Transformation Plan, we have undertaken cost-cutting initiatives and massive
network, scheduling and operational improvements - without adversely impacting


<PAGE>

Delta's Financial Reorganization under Chapter 11
September 14, 2005
Page 2



our revenue-generating ability or our renowned customer service - a feat few
have attempted and even fewer thought possible. Remarkably, Delta people have
implemented initiatives to achieve approximately 85 PERCENT of our targeted
benefits, and are AHEAD OF SCHEDULE to meet our goal of delivering $5 billion
per year in financial benefits by the end of 2006 as compared to 2002.

In what is an enormous testament to Delta people and their strong commitment to
customer service, during this same period of intense transformation, Delta was
selected "Most Preferred" by business travelers*, our SkyMiles program was voted
best in a survey by TRAVEL SAVVY magazine, and our self-service kiosks were
singled out as tops in the industry by an independent research firm.

Though our efforts couldn't overcome the unpredicted and unprecedented cost of
fuel and the cost pressures brought on by LCCs, which compete with us for more
than 70 percent of our domestic revenues, our Transformation Plan IS on track
and delivering its targeted benefits, and our customer service has improved
dramatically. Thanks to everyone's sacrifice and tremendous effort, we have
achieved a great deal in which we can and should take much pride.

To further underscore confidence in our progress, our people and our plan going
forward, Delta recently obtained from a group of lenders significant
debtor-in-possession financing commitments. This financing is necessary to help
support our business during the Chapter 11 process, and would not have been made
available to us unless the lenders believed our plan is viable and that we can
execute it. We are hopeful of finalizing and receiving bankruptcy court approval
of this financing very shortly.

As we deal with our financial challenges, it is important to keep in mind that
Delta - the world's second-largest passenger airline, the leading U.S. carrier
across the Atlantic and the third largest carrier to Latin America - has
formidable strengths: Delta people and the customer loyalty their superior
service inspires; the significant network advantages derived from the world's
largest hub supported by our Cincinnati, Salt Lake City and New York-JFK hubs
and many focus cities; Song - our award-winning, low-fare air service; and
Delta's cutting-edge, passenger-friendly technology are but a few of our
distinguishing assets.

And yet, as other airlines' Chapter 11 experiences have shown, restructuring
will not be painless. There is no question that there will be additional
hardship before we begin to see improvement, and that is why we are determined
to move forward together fairly and equitably. As Delta becomes a leaner, more
productive company that can provide stable and rewarding opportunities for its
people in the long-term, much more change and sacrifice will be required in the
near-term. Our financial condition has reached a point where further job
reductions and changes to pay and benefits - coupled with the substantial
network and operational improvements and contributions from many other Delta
stakeholders - are necessary to help save our company.

Understandably, in view of our circumstances, people also are concerned about
their pensions. Delta has been doing everything it can, within the bounds of
what it can afford, to continue to provide its active and retired Delta people
with already earned qualified retirement plan benefits. Given our financial
situation and the need to preserve as much cash as possible for our operations,
we do not plan to make the qualified defined benefit pension funding
contributions soon due. Neither filing for Chapter 11 nor missing contributions
means that our qualified plans stop paying monthly retirement benefits or that
we have initiated the process to terminate the plans. Nor does either action
mean we have stopped pursuing pension reform legislation that might make the
pension plans more affordable.



<PAGE>

Delta's Financial Reorganization under Chapter 11
September 14, 2005
Page 3



But to be clear, there can be no guarantees - even with pension reform - because
of growing financial pressures. Low-cost carriers do not provide defined benefit
plans, and network carriers restructuring through the bankruptcy process have
transferred their defined benefit pension plans to the Pension Benefit Guaranty
Corporation. Ultimately, what we can afford in the future airline business
environment, as well as the nature of any legislation, will determine what is
possible.

Given these hard truths, it is important that you know we want to recognize your
sacrifice and commitment. Any changes in pay and benefits will be in the context
of a comprehensive business plan that is equitable and involves other Delta
stakeholders, and that provides you with an opportunity to share in any success
you help make possible through an enhanced Shared Rewards program. By tying our
compensation more closely to our company's performance, Delta people at every
level and across all work groups will have a greater ability than they do now to
benefit from the company's financial recovery and operational excellence.

We will provide you with more detail as soon as we can - possibly as early as
next week - because we want you to be able to make career decisions and future
life plans with confidence and the best information available.

There have been other difficult times in Delta's history, and the company has
always turned to its people to ensure safety, to provide quality passenger
service and to go the extra mile. I am confident that this will be no exception,
and just like in the past, Delta people will set a new standard of excellence
for the future.

As Delta rises to meet new challenges, I am certain some things will never
change. Our resolve to keep flying while upholding the highest standards of
safety and service will not falter. Our commitment to the principle that Delta
people will share in any success their sacrifice helps make possible will not
waver. Our gratitude for the loyalty of our customers and the support of the
communities we serve will not subside. And, our pride in this great company and
in one another will not be shaken. Together, we will show the world a different
way - the Delta way.

                                                 /s/ Jerry Grinstein
                                                     Jerry Grinstein
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-3.txt
<DESCRIPTION>EXHIBIT 99.3
<TEXT>

<PAGE>

                                                                    EXHIBIT 99.3

FOR IMMEDIATE DISTRIBUTION


CONTACT:          Corporate Communications
                  404-715-2554

                  Investor Relations
                  404-715-6679

           DELTA AIR LINES RECEIVES COURT APPROVAL FOR INTERIM ORDERS
  ORDERS ENABLE DELTA TO CONTINUE EMPLOYEE PAY AND BENEFITS, CUSTOMER PROGRAMS,
     FUEL CONTRACTS AND INTERLINE AGREEMENTS, AMONG OTHER ESSENTIAL RELIEF

ATLANTA, Sept. 14, 2005 - Delta Air Lines (NYSE: DAL) has announced that Judge
Prudence C. Beatty of the U.S. Bankruptcy Court for the Southern District of New
York has entered a series of interim orders that will help facilitate Delta's
normal operations until the Court rules on the Company's first day motions. A
hearing on the first day motions is scheduled to begin at 2 p.m. on Thursday,
Sept. 15, 2005, in New York.

Delta received interim authorization to, among other things:

o       Provide employee wages, health care coverage, vacation, sick leave and
        similar benefits without interruption;

o       Honor tickets and reservations and provide refunds and exchanges as
        usual;

o       Maintain the SkyMiles program and other customer service programs;

o       Pay for fuel under existing fuel supply contracts, and honor existing
        fuel supply, pipeline and storage fuel contracts, into-plane service
        contracts and other fuel service arrangements;

o       Assume interline agreements, clearinghouse agreements, Airline Reporting
        Corporation (ARC) agreements, billing and settlement plan agreements,
        cargo agreements, and the Universal Air Travel Plan (UATP) agreement;

o       Pay pre-petition obligations owed to creditors who have provided goods
        and services in foreign countries; and

o       Continue to use existing cash management systems and maintain existing
        bank accounts.

"We are gratified that the Court has granted our request for immediate approval
of certain key motions that allow Delta to continue normal operations," said
Edward Bastian, Delta's Chief Financial Officer. "This action ensures a smooth
beginning of our Chapter 11 reorganization and is an important step in the
continuing transformation of our airline."

Delta and its subsidiaries filed to reorganize under Chapter 11 on Sept. 14,
2005, in the U.S. Bankruptcy Court for the Southern District of New York. The
case number is 05-17923-PCB. More information about Delta's Chapter 11 filing is
available on the Internet at delta.com/restructure. The Interim Orders and other
First Day Motions are available online at deltadocket.com.



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Delta Air Lines is the world's second-largest airline in terms of passengers
carried and the leading U.S. carrier across the Atlantic, offering daily flights
to 502 destinations in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners. Delta's marketing alliances
allow customers to earn and redeem frequent flier miles on more than 14,000
flights offered by SkyTeam and other partners. Delta is a founding member of
SkyTeam, a global airline alliance that provides customers with extensive
worldwide destinations, flights and services. Customers can check in for
flights, print boarding passes and check flight status at delta.com.

STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT HISTORICAL FACTS, INCLUDING
STATEMENTS REGARDING DELTA'S ESTIMATES, BELIEFS, EXPECTATIONS, INTENTIONS,
STRATEGIES OR PROJECTIONS, MAY BE "FORWARD-LOOKING STATEMENTS" AS DEFINED IN THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL FORWARD-LOOKING STATEMENTS
INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THE ESTIMATES, BELIEFS, EXPECTATIONS, INTENTIONS,
STRATEGIES AND PROJECTIONS REFLECTED IN OR SUGGESTED BY THE FORWARD-LOOKING
STATEMENTS. THESE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, OUR
ABILITY TO MAINTAIN ADEQUATE LIQUIDITY, THE POSSIBLE IMPOSITION OF A SIGNIFICANT
RESERVE OR HOLDBACK UNDER OUR CREDIT CARD PROCESSING AGREEMENTS, OUR ABILITY TO
COMPLY WITH FINANCIAL COVENANTS IN OUR LOAN AGREEMENTS, OUR DEBT AND PENSION
PLAN FUNDING OBLIGATIONS, THE COST OF AIRCRAFT FUEL, PILOT EARLY RETIREMENTS,
THE EFFECT OF CREDIT RATINGS DOWNGRADES, INTERRUPTIONS OR DISRUPTIONS IN SERVICE
AT ONE OF OUR HUB AIRPORTS, OUR INCREASING DEPENDENCE ON TECHNOLOGY IN OUR
OPERATIONS, LABOR ISSUES, RESTRUCTURINGS BY COMPETITORS, THE EFFECTS OF
TERRORIST ATTACKS AND COMPETITIVE CONDITIONS IN THE AIRLINE INDUSTRY. ADDITIONAL
INFORMATION CONCERNING RISKS AND UNCERTAINTIES THAT COULD CAUSE DIFFERENCES
BETWEEN ACTUAL RESULTS AND FORWARD-LOOKING STATEMENTS IS CONTAINED IN DELTA'S
SECURITIES AND EXCHANGE COMMISSION FILINGS, INCLUDING ITS FORM 10-Q, FILED WITH
THE COMMISSION ON AUGUST 15, 2005. CAUTION SHOULD BE TAKEN NOT TO PLACE UNDUE
RELIANCE ON DELTA'S FORWARD-LOOKING STATEMENTS, WHICH REPRESENT DELTA'S VIEWS
ONLY AS OF SEPTEMBER 14, 2005, AND WHICH DELTA HAS NO CURRENT INTENTION TO
UPDATE.
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