Bankruptcy judge gives Delta more time |
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Published
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Fri, 16 Mar 2007 16:43
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ATLANTA (AP) - A New York federal bankruptcy court judge gave Delta Air Lines Inc. more time to get creditor approval of its reorganization plan before competing plans are allowed to be filed.Judge Adlai Hardin granted the Atlanta-based company's request to extend its so-called exclusivity period from April 16 to June 1.The order was dated Thursday and entered Friday.Delta has said the extension -- its fourth such request -- was necessary because a confirmation hearing on its Chapter 11 plan is scheduled for April 25, after the exclusivity period was set to expire.Delta, the nation's third-largest carrier, wants to prevent other competing plans from being filed until after it has a chance to finish soliciting votes on its own plan, which calls for the airline to emerge from bankruptcy in the spring as a standalone carrier.In its March 5 motion, Delta said it was not making the request as a negotiating tactic, and it insisted it is on course to emerge from Chapter 11 on the schedule it set.Delta has projected it will be worth $9.4 billion to $12 billion after it exits bankruptcy.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Delta to begin bankruptcy plan vote 