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Delta hopes to end bankruptcy in April

Feb. 8, 2007 at 5:37 PM   |   Comments

ATLANTA, Feb. 8 (UPI) -- Delta Air Lines plans to exit bankruptcy as an independent company as soon as late April, the U.S. airline says.

Delta said a U.S. bankruptcy court approved its disclosure statement about its reorganization and set a hearing to confirm the plan April 25.

The court told Delta it could begin soliciting creditor approval of its reorganization.

Two-thirds of creditor claims, estimated at about $15 billion, need to vote in favor of the plan for it to be approved.

Atlanta-based Delta's creditors, along with Delta management, rebuffed a $9.8 billion takeover offer from US Airways last week.

Delta filed for protection under Chapter 11 of the U.S. Bankruptcy Code in September 2005.

The third-biggest U.S. carrier filed its reorganization plan with the bankruptcy court in December, stressing its interests were better served by remaining independent.

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