Delta Cleared For Chapter 11 Exit

Law360, New York (April 25, 2007, 12:00 AM EDT) -- After a taxing 19 months in Chapter 11 protection, Delta Air Lines Inc. headed into bankruptcy court on Wednesday and won confirmation of its bankruptcy exit plan.

The confirmation will clear the way for Delta’s departure from Chapter 11 on Monday, April 30. The carrier expects to close on $2.5 billion in exit financing, provided by six investment banks.

Though several airports, taxing authorities and other creditors have objected to Delta’s reorganization plan, the company said that 95% of Delta’s creditors were onboard.

Delta expects to...
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