US Airways Withdraws Bid for Delta
Wednesday January 31, 11:55 am ET
By Chris Kahn, Associated Press Writer
US Airways Withdraws Its Hostile Bid for Delta After Creditors Back Delta's Standalone Plan
PHOENIX (AP) -- US Airways dropped its $9.8 billion hostile bid for Delta on Wednesday after Delta's official creditors committee said it will support the bankrupt airline's standalone reorganization plan.
In a statement, the Tempe, Ariz.-based carrier said Delta Air Lines Inc.'s official creditors committee would not meet its demands by the airline's established deadline of Feb. 1, 2007.
"We are disappointed that the Committee, which has been chosen to act on behalf of all Delta creditors, is ignoring its fiduciary obligation to those creditors," US Airways Group Inc. Chief Doug Parker said in a statement. "Our proposal would have provided substantially more value to Delta's unsecured creditors than the Delta stand-alone plan."
http://biz.yahoo.com/ap/070131/us_ai...elta.html?.v=1