What's in the deal for...

UNIONIZED PILOTS: Delta pilots, if they ratify their part of the deal, will get a 3.5 percent equity stake in the new company and an extension of their collective bargaining agreement through 2012. But the pressure is being ramped up on Northwest pilots, who still have to cut their own deal and so far have no agreement granting stock or seniority concessions.

OTHER EMPLOYEES: Good news and bad for this group. On the one hand, non-pilots will get a 4 percent equity stake in the new airline and most of their jobs will be protected. However, officials said there will be an unspecified number of cuts in administrative jobs.

CUSTOMERS: Company officials say the deal will result in a stronger airline that gives customers access to more global destinations, more schedule options and more opportunities to use their frequent flier miles. Skeptics fear less competition will mean higher prices and worse service.

EXECUTIVES: Delta officials would take charge of the new company. Delta's Richard Anderson would be the CEO, Daniel Carp the chairman, and Ed Bastian the president and chief financial officer. Northwest CEO Doug Steenland would serve on the combined company's 13-member board, along with four others from Northwest's board. Seven board members would come from Delta, and one from the Air Line Pilots Association.

SHAREHOLDERS: Northwest stockowners would get 1.25 shares in the new company for each Northwest share they own now, a 16.8 percent premium based on Monday's closing prices.