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Delta Moves Forward With Plan to Exit Bankruptcy
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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.
U.S. Bankruptcy Judge Adlai Hardin's approval allows Delta Air Lines [DALRQ
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] to begin soliciting votes for its plan to emerge this spring as a stand-alone company worth more than $9.5 billion, Delta lawyer Marshall Huebner said in court. In court documents, Delta has estimated it could be worth between $9.4 billion and $12 billion.
Huebner said the approval was a "momentous event" as the company worked to emerge from court protection.
Lawyers for the Atlanta-based company said in court filings on Tuesday that it had resolved all remaining objections, both "formal and informal, filed or unfiled, represented or pro se." Eleven objections were filed, and they included the city of Los Angeles, the city and county of Denver, Travelocity and a number of banks.
"The completely consensual nature of today's hearing is the result of breathtakingly hard work by many, many people," Huebner said.
Delta originally filed a reorganization plan and disclosure statement on Dec. 19, and has amended it twice since then.
Tempe, Ariz.-based US Airways Group withdrew its bid to buy Delta on Jan. 31 after a group of creditors said it supported Delta's stand-alone plan. US Airways had sought the support of creditors as Delta rebuffed its hostile bid, which was estimated to be worth $9.8 billion at the time it was abandoned.
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