Ahead of the Bell: Delta, US Airways |
|
|
|
Published
:
Mon, 29 Jan 2007 13:55
|
NEW YORK (AFX) - US Airways Group Inc. offered to add $1 billion in cash to its $9.67 billion cash-and-stock bid for fellow airline Delta Air Lines Inc. in order to win support from Delta's creditors, The Wall Street Journal reported Monday.Citing people familiar with the matter, the newspaper said Tempe, Ariz.-based US Airways would raise its bid if Delta's creditors, who have the most say in the bankruptcy-protected airline's fate, agreed to postpone a Feb. 7 hearing on restructuring the carrier.US Airways has been seeking postponement of that hearing, and has threatened to withdraw its bid if the reorganization hearing isn't delayed by Thursday.In November, US Airways launched a hostile takeover effort to buy Atlanta-based Delta, which is under bankruptcy court protection from creditors. A committee representing creditors hasn't said anything publicly since US Airways sweetened its offer earlier this month.Previously, the committee supported letting Delta reorganize and emerge from bankruptcy protection as a stand-alone company.The Journal said some of Delta's creditors approached US Airways late Friday, suggesting US Airways up its bid by more than $2 billion. It isn't known whether the increased bid has swayed any creditors on the committee, the newspaper said.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Delta pushes ahead on standalone plan 