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