Delta Gets Green Light

Gerald Grinstein, chief executive officer of Delta Air Lines Inc., left bankruptcy court in New York yesterday after a judge approved the company’s plan to exit bankruptcy protection. The nation’s third-largest airline spent nearly 20 months in a wrenching reorganization that cut 6,000 jobs and slashed $3 billion in costs. Atlanta-based Delta expects to emerge from court protection Monday. The company may sell off its regional subsidiary, Kentucky-based Comair, which regularly receives poor marks for service and flight delays. More than 95 percent of creditors voted to endorse the plan for Delta to emerge as a stand-alone carrier. That plan had been put in jeopardy by a $9.8 billion hostile takeover bid last fall by US Airways Group Inc. (photo cutline)

VIRGINIA

Hershey to expand in Augusta; 150 new jobs

The Hershey Co. will invest $25 million to expand manufacturing capacity at its facility in Augusta County, creating 150 jobs, Gov. Timothy M. Kaine said yesterday.

The chocolate and confectionery maker already employs more than 750 Virginians.

Chain to open Indian restaurants, Va. unit

Indage Group, a longtime wine manufacturer and a restaurant and hotel chain based in Mumbai, India, plans to open five Indian restaurants and a headquarters operation in Virginia.

Gov. Timothy M. Kaine said Indage will partner with Richmond restaurateur Jack Mehta to oversee management of his India Garden & Grill in Richmond.

Dividends declared

–Bank of America Corp., a major local employer, said it would pay its regular quarterly dividend of 56 cents per share July 25 to shareholders of record July 11.

–Another major local employer, DuPont, will pay a dividend of 37 cents per share June 12 to shareholders of record May 15.

–Local company LandAmerica Financial Group Inc. will pay a dividend of 22 cents per share June 15 to shareholders June 1.

THE NATION

Elsewhere

–General Motors Corp. Chairman and CEO Rick Wagoner vowed to “fight hard for every sale” after Toyota Motor Corp. said it sold more cars in a quarter than GM, for the first time ever. GM had been the world’s largest automaker for 76 years.

–Fewer homeowners blamed job losses and marital strife for late mortgage payments in 2006, while more cited excessive debt and sick family members, according to Freddie Mac, the McLean-based mortgage company.

ILLUSTRATION: PHOTO

MEMO: Excerpted from BUSINESS BRIEFS

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