Delta Shares Soar

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Delta Air Lines shares surged as much as 30 percent Monday amid speculation that the airline would win $1 billion in concessions from its pilots and avoid filing for bankruptcy.

Delta and the Professional Airline Flight Control Association, a separate union which represents Delta's 185 flight superintendents, said they have reached a tentative agreement on new contract terms.

The news followed an announcement that the cash-strapped airline had reached a $600 million financing deal with an American Express subsidiary contingent upon, among other things, Delta securing concessions from its pilots.