UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
DELTA AIR LINES, INC.
---------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
247361108
---------
(CUSIP Number)
July 14, 2005
-------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 2 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 8,828,000 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.1% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 3 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 8,828,000 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.1% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 4 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ----- ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 8,828,000 (see Item 4)
BY ----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,828,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.1% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 5 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 681,300 (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
681,300 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
681,300 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 6 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investments, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 681,300 (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
681,300 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
681,300 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 13
------------------- ------------------
CUSIP No. 247361108 13G Page 7 of 13 Pages
------------------- ------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
0
NUMBER OF ------ ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED 9,509,300 (see Item 4)
BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
9,509,300 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,509,300 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.6% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 7 of 13
Item 1(a) Name of Issuer:
--------------
Delta Air Lines, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
P.O. Box 20706 Atlanta, GA 30320-6001
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors,
LLC, ("SAC Capital Advisors"), with respect to shares of
common stock, $1.50 par value per share, ("Shares"), of the
Issuer beneficially owned by S.A.C. Capital Associates, LLC
("SAC Capital Associates"); (ii) S.A.C. Capital Management,
LLC, ("SAC Capital Management"), with respect to Shares
beneficially owned by SAC Capital Associates; (iii) SAC
Capital Associates with respect to Shares beneficially owned
by it; (iv) CR Intrinsic Investors, LLC ("CR Intrinsic
Investors"), with respect to Shares beneficially owned by CR
Intrinsic Investments, LLC ("CR Intrinsic Investments"); (v)
CR Intrinsic Investments with respect to Shares beneficially
owned by it; and (vi) Steven A. Cohen with respect to Shares
beneficially owned by SAC Capital Advisors, SAC Capital
Management, SAC Capital Associates, CR Intrinsic Investors
and CR Intrinsic Investments.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902, (ii) SAC Capital Management is
540 Madison Avenue, New York, New York 10022, (iii) SAC
Capital Associates and CR Intrinsic Investors is P.O. Box
58, Victoria House, The Valley, Anguilla, British West
Indies and (iv) CR Intrinsic Investments is Box 174,
Mitchell House, The Valley, Anguilla, BWI.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management and CR
Intrinsic Investors are Delaware limited liability
companies. SAC Capital Associates and CR Intrinsic
Investments are Anguillan limited liability companies. Mr.
Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock
Page 8 of 13
Item 2(e) CUSIP Number:
------------
247361108
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of April 30, 2005 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission by the Issuer
for the fiscal quarter ended March 31, 2005.
As of the close of business on July 22, 2005:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 8,828,000
(b) Percent of class: 6.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 8,828,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
8,828,000
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 8,828,000
(b) Percent of class: 6.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 8,828,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
8,828,000
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 8,828,000
(b) Percent of class: 6.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 8,828,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
8,828,000
Page 9 of 13
4. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 681,300
(b) Percent of class: Less than 1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 681,300
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
681,300
5. CR Intrinsic Investments, LLC
(a) Amount beneficially owned: 681,300
(b) Percent of class: Less than 1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 681,300
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
681,300
6. Steven A. Cohen
(a) Amount beneficially owned: 9,509,300
(b) Percent of class: 6.6%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 9,509,300
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
9,509,300
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Mr. Cohen own directly no Shares. Pursuant to
investment agreements, each of SAC Capital Advisors and SAC
Capital Management share all investment and voting power
with respect to the securities held by SAC Capital
Associates. Pursuant to an investment management agreement,
CR Intrinsic Investors maintains investment and voting power
with respect to the securities held by CR Intrinsic
Investments. Mr. Cohen controls each of SAC Capital
Advisors, SAC Capital Management and CR Intrinsic Investors.
By reason of the provisions of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended, each of (i) SAC Capital
Advisors, SAC Capital Management and Mr. Cohen may be deemed
to own beneficially 8,828,000 Shares (constituting
approximately 6.1% of the Shares outstanding); and (ii) CR
Intrinsic Investors and Mr. Cohen may be deemed to own
beneficially 681,300 Shares (constituting approximately less
than 1% of the Shares outstanding). Each of SAC Capital
Advisors, SAC Capital Management, CR Intrinsic Investors and
Mr. Cohen disclaim beneficial ownership of any of the
securities covered by this statement.
Page 10 of 13
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the Subsidiary Which
---------------------------------------------------------
Acquired the Security Being Reported on By the Parent
-----------------------------------------------------
Holding Company:
---------------
Not Applicable
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 11 of 13
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: July 25, 2005
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTMENTS, LLC
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 12 of 13
STEVEN A. COHEN
By: /s/ Peter Nussbaum
------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 13 of 13