Delta Airlines' stock (DALRQ) will be canceled after it exits bankruptcy. What will happen to its options?

Question

It's calls will be worthless, but what about its puts?

Answer 1

For a general answer see

http://www.cboe.com/LearnCenter/OCShowDocument.aspx?DIR=LCOptionsCorner&FILE=20051017.doc&CreateDate=17.10.2005

Given that answer, it is clear to me a specific answer should be obtained by anyone holding DALRQ puts. You can get than answer by contacting the Options Industry Council using the contact information at

http://www.888options.com/help/contact.jsp

I suspect anyone owning put options would be wise to close their position before the stock is cancelled, either by selling the puts or buying the stock and exercising the puts.

Answer 2

You can't "put" the stock on anyone when the stock no longer exists either. Good luck!