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AWARD TO DELTA WILL GO FOR DEBTS

SHARE AWARD TO DELTA WILL GO FOR DEBTS

Delta Air Lines said it will use the $150 million awarded last week by a judge who cleared the carrier of driving Pan American World Airways out of business to pay off debt.

Atlanta-based Delta said the money would go toward an effort, involving other measures, to reduce its debt by nearly $500 million.Last week, a federal judge in New York ruled in Delta's favor in a suit that accused Delta of forcing Pan Am out of business by withholding financing needed to complete Pan Am's bankruptcy reorganization. Pan Am contended Delta had promised the support.

Pan Am was ordered to pay Delta $115 million plus interest.