Originally Posted by
Check Essential
I'm sure there's a break-up fee. Peanuts compared to inheriting those pensions.
Alternatively, they could do a pre-packaged "briefcase bankruptcy" prior to DCC. Just NWA and the PBGC. No other creditors. Quick and dirty. Problem is, the PBGC would want a big chunk of the NWA equity in return.
The "Break up" fee is 250 million, if I remember correctly. However, it's hard to believe that at this phase of the process Delta Management would pull out now.