EAGAN, Minn., May 9 (UPI) -- Northwest Airlines said Wednesday its creditors overwhelmingly approved its reorganization plan, positioning the No. 5 U.S. carrier to emerge from bankruptcy.
The Eagan, Minn., airline said unofficial results showed 98.4 percent of the dollar amount of claims that voted, and 96.9 percent of the airline's creditors who voted, approved the plan.
The final voting results will be filed with the U.S. Bankruptcy Court in New York this week, Northwest said.
The court will be asked to confirm Northwest's reorganization plan next Wednesday. Approval would let Northwest exit Chapter 11 bankruptcy protection.
Northwest's plan calls for secured creditors to be paid in full and for most unsecured creditors to be paid roughly 74 cents for each dollar of their allowed claims. Claims will be paid in new Northwest stock.
Northwest's existing stock will be canceled.
Northwest has said it will be worth more than $7 billion when it exits Chapter 11.
The airline has filed an application with the New York Stock Exchange to trade its new common stock under its original ticker symbol, NWA.
The carrier filed for bankruptcy protection Sept. 22, 2005. It is the last of the big airlines to emerge from reorganization following an unprecedented industry downturn following the Sept. 11, 2001, terrorist attacks.
