The plan assured creditors of getting more of their money and sooner if Delta remains independent and a US Airways takeover bid is rejected.
It places a Delta value of between $9.4 billion and $12 billion, more than the recent $8.4 billion buyout offer from US Airways, The Atlanta Journal-Constitution said.
Estimating creditors would recover 63 to 80 percent of their bankruptcy claims under the Delta plan, the airline predicted an operating profit margin of 8 to 10 percent in the next four years.
US Airways offered Delta's creditors $4 billion in cash and 78.5 million US Airways shares with a current market value of about $4.4 billion.
Celebrity Breakups and divorces of 2014 [PHOTOS]