Court Approves Northwest Disclosure Statement

Law360, New York (March 27, 2007, 12:00 AM EDT) -- Northwest Airlines is one step closer to emerging from Chapter 11 bankruptcy protection, after a bankruptcy judge approved the airline’s disclosure statement.

Judge Alan Gropper approved the statement on Monday, requesting only minor revisions in the carrier’s reorganization plan. Gropper asked Northwest to amend the statement to reflect revisions to the company’s worker compensation policy.

Specifically, Northwest must include information about a $275 million agreement reached between the carrier and workers who were awarded company stock in 1993.

Revisions also include the removal of a management...
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