US Airways Withdraws Delta Offer

Law360, New York (January 31, 2007, 12:00 AM EST) -- US Airways Group officially withdrew its $10.2 billion offer to lift Delta Air Lines Inc. out of bankruptcy Wednesday, following days of speculation surrounding Delta’s unsecured creditors’ acceptance of the deal and the bankrupt airline’s looming disclosure statement hearing.

US Airways said it was told early Wednesday that Delta’s official unsecured creditors committee would not meet its demands to urge the company to push back the Feb. 7 disclosure statement hearing and file the required papers under the Hart-Scott-Rodino Act by Feb. 1. US Airways’ offer...
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