The unsolicited offer is being made to the creditors of Delta, which has been operating under bankruptcy protection and would facilitate a process that will give Delta management control over any plan to get out of bankruptcy for at least several more months, according to this NYTimes.com article.
US Airways has filed for bankruptcy protection themselves, twice since 2002 and has turned itself around through its merger last year with America West. Almost all established carriers have sought bankruptcy protection since the drop in air travel after the Sept. 11 attacks.
Read the full article here.
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