The Unsolicited US Airways Proposal

Last updated: February 1, 2007

On January 31, 2007, US Airways withdrew a revised unsolicited merger proposal it had announced earlier in the month. This followed a decision by the Unsecured Creditors' Committee in Delta Air Line's Chapter 11 proceedings to support Delta's standalone Plan of Reorganization.

In a statement issued on January 31, Delta CEO Jerry Grinstein said, "This is a proud day for the thousands of Delta people, customers, communities, civic leaders, and others who stood up for our standalone plan and said, emphatically, 'Keep Delta My Delta.' We appreciate the Unsecured Creditors' Committee's endorsement of our plan of reorganization and the diligent work of the Committee and its advisers in evaluating that plan. We also want to acknowledge the tireless work of all Delta people whose contributions are allowing us to continue the tremendous progress we have made with our restructuring plan. Using the bankruptcy process the right way, Delta people have transformed their company's business model. Our focus now is on the work still before us to emerge from Chapter 11 this spring as a strong, healthy, and vibrant global competitor."

Delta's Board of Directors had rejected the previous unsolicited US Airways merger proposal in December 2006. The Board concluded that Delta's standalone Plan of Reorganization will provide superior value as well as a faster recovery and much greater certainty of execution.

A copy of Delta CEO Jerry Grinstein's prepared remarks for a U.S. Senate Committee on Commerce, Science and Transportation hearing about the US Airways proposal and additional information about Delta's analysis of that proposal is available in Speeches & Presentations.

Additional information about Delta's Plan of Reorganization is available in Delta's Restructuring.