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Sun, Jan 21, 2007

Delta To Present New US Air Bid To Board

Bankrupt Arline Studying Takeover Bid

Delta Air Lines continues to study the $10.2 billion takeover bid by rival US Airways. That bid will be taken it to its board of directors soon, according to a court filing on Friday.

As Aero-News reported, the Atlanta-based airline rejected a November 15 takeover offer from US Airways, prompting the rival to increase its bid by about 20 percent earlier this month.

In the filing, reported Reuters, the airline reiterated that it will consider the increased bid as it is obligated to do, but still intended to exit bankruptcy as an independent airline.

"Delta's management and advisors are currently evaluating the revised US Airways proposal, in anticipation of making a further presentation to Delta's Board of Directors in the near future," the airline said.

The No. 3 US carrier, which is operating under bankruptcy protection, continues to pursue its own Chapter 11 exit strategy as an independent carrier and recommended that creditors vote for it.

Holders of at least two-thirds in dollar amount and more than one-half in number of impaired claims must approve the plan. The court also needs to approve any plan.

FMI: www.delta.com, www.usairways.com

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