Getting its pilots to agree to concessions and restructuring its debt are the two major initiatives Delta is pursuing to ward off bankruptcy.

The new financing would include a $200 million loan to be paid back by 2005, with the 12 monthly payments to start next year.

The other $300 million would be in the form of a senior secured revolving credit facility in which the bank agrees to make loans for a specified period; as the borrower repays a portion of the loan, an amount equal to the repayment can be borrowed again.

The GE agreement, along with approval of the concessions from Delta's pilot union, would allow the financially struggling airline access to $600 million total from American Express, an arrangement announced last week . But both deals hinge upon union ratification of their deal, and completion of part of a debt-restructuring program.

Delta, which has a debt load of $20.6 billion and has lost $6.2 billion in the last three years, is struggling to raise cash and avoid Chapter 11 reorganization.

The nation's third-largest carrier has offered about 35 cents on the dollar to holders of about $2.5 billion worth of secured debt, and the deadline for that offer is Nov. 18. Delta has not released results of an early deadline of Oct. 26 that would have given respondents a bonus.

Delta stock closed Monday at $5.55, up 10 cents.

GE is one of the biggest creditors to airlines. The company's Evendale-based GE Transportation division is one of the biggest makers of aircraft engines; most of Delta's fleet runs on GE engines. GE also operates a service center adjacent to Cincinnati/Northern Kentucky International Airport.

While Delta worked on its financing, the pilot contract that also is key to the recovery went to the full union for approval.

Last Thursday, the leadership of the nearly 8,000-member union approved the deal, which cuts Delta's costs by about $1 billion a year. The ratification vote began Monday and continues through Nov. 11.

Union officials did not comment on the vote or on the contract, which would cut all pilot pay by 32.5 percent, boost productivity and dramatically change the pilots' pension plan. It also would allow expanded flying by regional jets.

E-mail jpilcher@enquirer.com