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    Bankrupt Delta gets financing boost

    Bankrupt Delta gets financing boost

    Investment banks to provide £1.27bn in funding

    Author Date published January 31, 2007 Categories

    Delta Air Lines’
    hopes of emerging from bankruptcy protection have been boosted after it received
    promises of $2.5bn (£1.27bn) in financing.

    The money is being financed by
    JPMorgan Chase, Goldman Sachs,
    Merrill Lynch, Lehman Brothers, UBS, and
    Barclays Capital.

    At the same time, Delta is facing a $9.9bn (£5bn) takeover bid from rival US
    Airways.

    US Airways has set a 1 February deadline for support from Delta’s main
    creditor committee.

    Delta, which is based in Atlanta, has been operating under bankruptcy
    protection since September 2005.

    The airline, the third-largest US carrier, says it wants to emerge from
    bankruptcy this spring as an independent airline.

    Further reading:

    Bankrupt airline appoints E&Y

    Delta auditor issues Chapter 11 warning

    Andersen dealt Delta blow

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