Thursday, February 1, 2007
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Gwinnett Daily Post
ATLANTA - Delta Air Lines Inc.'s official creditors committee said Wednesday it will support Delta's stand-alone reorganization plan, rejecting US Airways' hostile bid to buy Delta.
The committee said in a statement its decision was reached after a lengthy review of both Delta's proposal and US Airways' proposal. The creditors committee is a key constituency in Delta's Chapter 11 case. Its decision prompted US Airways to immediately withdraw its nearly $10 billion offer. US Airways had asked for support from the committee, and set a deadline of today. Delta has said it projects it will be worth $9.4 billion to $12 billion when it emerges from bankruptcy by the middle of this year. The official creditors committee said in its statement that it ''has determined that it will support the stand-alone plan of reorganization as finally agreed upon between Delta and the Creditors Committee that will be filed later this week.''More like this story
- Delta amends plan a second time ( February 3, 2007 )
- Unofficial creditors committee urges Delta to consider options ( December 23, 2006 )
- US Airways ups Delta bid to $10.3B ( January 11, 2007 )
- U.S. Airways makes $8 billion offer for Delta ( November 16, 2006 )
- Judge OKs Delta Air Lines' bankruptcy emergence plan ( April 26, 2007 )
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