Sat, Nov 04, 2006
Has Until Feb. 2007 To Submit Plan... Unless There's Another
Will the third time be the charm? US
Bankruptcy Court Judge Adlai Hardin has given Delta Air Lines
another deadline extension to file its plan to reorganize its
operations, as it struggles to emerge from Chapter 11 bankruptcy
The extension gives the nation's third-largest airline until
February 15, 2007 to file a plan with the court, which is about
three months longer than the original November 8 deadline. The
extension also means Delta has until April 16, 2007 to garner
approval from its creditors.
It is the third extension granted to the airline, which has
stated it plans to exit bankruptcy in the first half of next year.
Competing plans on Delta's reorganization -- submitted by
creditors, for example -- can't be taken before the court until the
As Aero-News reported, Delta
received permission from the court in September to terminate a
pension plan for its pilots -- a significant step for the carrier
to realize the cost savings it has sought since filing for Chapter
11 on September 14, 2005. Tossing the plan saved Delta
approximately $1 billion a year.
The airline has also received court approval to cut retiree
health benefits by $50 million annually.
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