Northwest Airlines Corp fka NWA

[JJSeabrook]

Northwest's stock rises early in 1st day on NYSE [Detroit Free Press]

Knight Ridder/Tribune "Business News "

May 31--UPDATED AT 11:03 A.M.

Northwest's Airlines new stock started its run on the New York Stock Exchange by going up this morning, the first day of trading for the carrier, which left Chapter 11 bankruptcy protection today.

Northwest's new shares opened at $24.97 this morning on the New York Stock Exchange and rose to $25.30 in the first hour of trading.

Northwest's old shares have been cancelled.

Northwest CEO Doug Steenland, joined by more than a dozen Northwest employees, rang the opening bell to celebrate the company's bankruptcy exit.

"Today is a landmark day in the 81-year history of Northwest Airlines," Steenland said in a statement. "We have successfully repositioned the company as a stronger, globally focused airline with a great route network, a revitalized fleet, a competitive cost structure and a recapitalized balance sheet."

Since filing for bankruptcy protection in September, 2005, Northwest overhauled its financials by shedding $4.2 billion in debt and $2.4 billion in costs.

Eagan, Minn.-based Northwest becomes the last major carrier to leave bankruptcy in a string of airline restructurings that saw United Airlines, Delta Air Lines and US Airways file and emerge from Chapter 11.

"Going forward, we intend to build on our core assets and increase our focus on our customers and employees," Steenland said.

Steenland also said the airline plans to spend at least $50 million this year to improve the travel experience on Northwest.

As part of its restructuring, the airline has ordered 72 new planes, each with 76 seats, for two of its commuter carriers, Mesaba Airlines and Compass Airlines. Northwest plans to introduce the first of those planes into Mesaba's fleet next week.

Contact JEWEL GOPWANI at 313-223-4550 or [e-mail].

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