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's creditors said in a statement they reached their decision after a lengthy review of both Delta's proposal and US Airways' proposal.
The creditors committee is a key player in Delta's Chapter 11 case. US Airways had asked for support from the committee, and set a deadline of Thursday.
Delta has said it projects it will be worth $9.4 billion to $12 billion when it emerges from bankruptcy by the middle of this year. Its management had said repeatedly it wanted to remain on its own and not combine with US Airways.