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There’s no question that the DUI arrest of US Airways Chief Executive Douglas Parker last month is making headlines in a way that probably wouldn’t have happened in decades past. CEO’s are no longer private citizens, and media scrutiny of corporate America has turned some of them into celebrities. Although the buck stops at the corner office, where....
a newspaper reported that Parker had a previous DUI conviction in 1991 when he worked for American Airlines in Dallas, and Parker admitted to two other alcohol-related incidents.
The incident occurred hours after Parker pulled US Airways' bid to acquire larger, bankrupt rival Delta Air Lines after Delta creditors rejected the bid.
Timing Is Everything: Or, as one of my favorite TV characters, Maxwell Smart, used to say: “Missed it by THAT MUCH!”. Earlier this week, I told the tale of how Equity Office Properties shareholders voted to approve a takeover bid by Blackstone Group - with the news breaking just seconds before an already-scheduled hit on that subject by reporter David Faber.
A judge approved a disclosure statement that will be sent to creditors along with a Delta Air Lines reorganization plan, a big step forward in the airline's effort to exit bankruptcy.
Lawyers for Delta Air Lines, the nation's third-largest carrier, said Friday in court papers that the company's creditors' committee has approved the terms of the $2.5 billion in financing that Delta has secured to emerge from bankruptcy protection.
US Airways Group dropped its hostile $9.8 billion offer to buy Delta Air Lines after Delta creditors threw their support behind the bankrupt airline's standalone reorganization plan.
Delta Air Lines said it has commitments from six major banks for $2.5 billion in exit financing as it aims to emerge from bankruptcy protection independently.
US Airways, which is attempting a hostile takeover of rival Delta Air Lines, said net income in fourth quarter ended Dec. 31 totaled $12 million, or 13 cents a share, compared with a loss of $261 million, or $3.27 a share, a year earlier.
Stocks ended mixed on Monday as investors cast a wary eye on rising interest rates ahead of the Fed's two day meeting this week.
US Airways Group is willing to add $1 billion to its $9.67 billion offer for Delta Air Lines if Delta's creditors committee agrees to discuss a merger of the two carriers, CNBC's David Faber reported, citing sources close to US Air.
It was a record day for stocks as every sector finished the day in positive territory. The Dow Jones Industrial Average closed at an all -time high while the Nasdaq and S&P 500 were boosted by strength in tech shares. The S&P 500 finshed the day at a new six-year high.
"The problem is not the price," Grinstein said of the proposed $10.5 billion deal. "The problem is whether it can be done and the cost of doing it."
A Belated Return: The breaking news desk blog has returned after a longer than expected absence - upon my return to work yesterday after vacation, my computer somehow fried its innards, necessitating a complete overhaul. As I told my very understanding CNBC.com bosses, the dog really DID eat my homework!
US Airways Group Chief Executive Doug Parker was noncommittal Tuesday on whether his company would be willing to increase its bid to buy Delta Air Lines even further to appease Delta's creditors.
Delta Air Lines plans to discuss US Airways' increased bid to buy Delta with its board of directors soon, the company said Friday as it filed an amended reorganization plan that details how it would satisfy claims against its subsidiary, Comair.
Northwest Airlines is having talks with Delta about a potential link-up, possibly after they both emerge from bankruptcy-court protection, the Wall Street Journal reported.
Delta Air Lines said it narrowed its loss in November to $49 million, keeping it on track to exit bankruptcy as a stand-alone company in the spring.
US Airways has no intention right now to increase its $8.4 billion offer for Delta Air Lines and it can't see itself backing out of its pursuit of Delta for any reason, Chief Executive Doug Parker said.
"It expects Delta to consider methodically, proactively and fairly strategic alternatives to its proposed stand-alone Chapter 11 plan," said Jefferies & Co., the group's financial advisor.