Sir James

http://www.nytimes.com/2006/12/21/business/21delta.html

Delta's creditors, that is.

Spongebob

Unsecured creditors...so they probably were not going to get squat under the acquisition plan and are not owed anything if the company liquidates. So the Management plan was the only way for them to recover any money. Kind of a dumb article.
However, Delta's plan doesn't sound very good for the creditors - $.60 per dollar owed, in equity (stock). I'd take the case USAirways is offering. Successfully dumping their pension plan on the US taxpayers does help Glad I'm here to help.

Gordon C

Here's Boyd's rant on the the idiotic airline media you're speaking of http://www.aviationplanning.com/asrc1.htm

Flare Armed

Delta's current plan offers the unsecured creditors more than what Parker's plan offers. Parker was making his pitch directly to the unsecured creditors...the people, other than common stock shareholders, that usually don't recoup much during BK exit.

In any case, DAL & NWAs unsecured creditors will probably fare better than any other group of unsecured creditors in an airline BK case. USAir's creditors got less than .10 on the dollar, and UALs received about .25 I believe. With the current market and speculative interest, DAL & NWA creditors will do far better than .50...which is pretty good considering.

hangaber

Just to clarify, I believe the article says the creditors are saying they are allowing other Plans to be submitted in addition to US Airways'. I don't think it says the US Airways plan is dead or that the creditors prefer the Delta reorganization plan. It doesn't matter to me what they do but there's a big difference between understanding that the creditors are permitting other plans and understanding that the creditors have chosen a submitted plan.

bobnwa

Where in the article does it say the creditors said NO? Are you reading something different than I am?

NGINEWHOISWHAT

As I understand it, the creditors 'support' the POR. It would be lawsuit central, perhaps, if they blindly accepted it without possible future higher offers.

jetblaster

The track record is clear--hotshot, young "really, really smart" guys like the Young Turks at USAirways...who, like the Young Francisco Lorenzo...who seek to pull some fancy mergers/bankruptcies/gutting-of-contracts...are ALWAYS successful and contribute to a "leaner, meaner" airline that ALWAYS winds up more successful and leads to higher stock prices, higher wages for employees, better lifestyels, better service and ticket prices for passengers.

It ALWAYS works out that way! So...why is ANYONE against this?




(I particularly like the part about where the 45-year-old-smartass Doug-whathisname...the dirtball who is running USAirways (employees into the ground) was in the same cubicle-farm with "wunderkind" AMR sleazebag Gerard Arpey until 1991 (the guy who was AA president when they traded $41 million in fuel hedges for $41 million in senior executive retirement plan and extra-pay for the top executives while in the bankruptcy they swore they were trying to avoid via employee concessions --but where AMR CEO Don Carty would have led them regardless if he had not gotten caught in the dishonesty.)

Parker and Lorenzo--two guys who need a stern talking to.


Jetblaster

jsled

Delta's current plan worth will be determined by the value of the new shares on the open market. You never know until the shares trade. US Airways is offering some CASH and stock. I would take the cash and US Airways stock if I were a creditor. This is not over.

NGINEWHOISWHAT

............................