Thu, Jun 15, 2006
If Granted, Second Request Would Extend Deadline To Nov. 8
Remember when you were
in college, and you asked your professor for "just a little more
time" to wrap up that term paper you were supposed to hand in?
Well, management for Delta Air Lines can perhaps relate to that...
as the nation's third-largest airline has once again asked for
"just a little more time" in filing its reorganization plan with
the US bankruptcy court.
"The debtors seek these extensions to avoid the necessity of
having to formulate a plan of reorganization prematurely and to
ensure that their plan of reorganization best addresses the
interests of the debtors, their employees, creditors and estates,"
Delta said in its request, filed with the court Wednesday.
The airline's request for a four-month extension comes after a similar six-month delay was granted
earlier this year. Delta had been scheduled to submit
its reorganization plan on July 11.
"We believe another extension is necessary and appropriate, and
are pleased it has the support of the creditors committee," said
Delta spokeswoman Chris Kelly, adding such delays are common in
bankruptcy cases involving large corporations.
In particular, Delta told the court it needed more time to
review its pension plan obligations -- and its intent to terminate
the current plan with its pilots, according to the Associated
Press. Retiree health benefits and continued restructuring efforts
are also sticking points.
If the delay is approved, Delta would have until November 8 to
exclusively file its plan for reorganization. Creditors would have
until January 8, 2007 to comment on the plan.
The exclusivity period allows a bankrupt company to file its own
reorganization plan, before creditors can weigh in.
Delta filed for bankruptcy protection last September.
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