BusinessBusiness RecoveryBankrupt Delta gets financing boost

Bankrupt Delta gets financing boost

Investment banks to provide £1.27bn in funding

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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