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USAirways’ Delta bid withdrawn
US Airways has withdrawn a $5 billion bid for Delta Air Lines after the Atlanta-based carrier won support for a plan to emerge from Chapter 11 bankruptcy protection.
Delta CEO Gerald Grinstein welcomed the unsecured creditors committee’s support for the airline’s reorganisation plan.
He said: “This is a proud day for the thousands of Delta people, customers, communities, civic leaders and others who stood up for our standalone plan and said, emphatically, ‘Keep Delta My Delta.’
“We appreciate the unsecured creditors committee’s endorsement of our plan of reorganisation and the diligent work of the committee and its advisers in evaluating that plan. Using the bankruptcy process the right way, Delta people have transformed their company’s business model.
“Our focus now is on the work still before us to emerge from Chapter 11 this spring as a strong, healthy, and vibrant global competitor.”
US Airways chairman and CEO Doug Parker, admitting “disappointment”, said: “Our proposal would have provided substantially more value to Delta’s unsecured creditors than the Delta stand-alone plan.
“We would have created a better and more financially stable airline that offered more choice to consumers and increased job security to its employees.
“Our merger would have been able to be consummated in a reasonable time-frame and we would have been able to obtain all requisite regulatory approvals.”
by Phil Davies
Phil Davies
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