Wed, Jan 24, 2007
While US Airways Hostile Bid Seems To Lose Steam
Creditors at
bankrupt Delta Air Lines, still fearful of a US Airways
hostile takeover bid, have reportedly turned up the heat on a proposed Delta-Northwest
merger, according to the Wall Street Journal.
Meanwhile, the opposition to US Airways' recently upped offer to
buy out Delta is seeing more and more opposition.
A rally held on Tuesday,
January 22 by group made up of Delta pilots, board council members,
retirees, employees and elected officials sought to garner
attention before a scheduled Senate Commerce Committee hearing
scheduled for Wednesday.
Members of the group wanted congressmen to know 104,851 people
have signed a petition opposing US Airways' bid by signing a
statement that read in part, "I oppose US Airways' hostile takeover
bid for Delta Air Lines because it would be bad for everyone. Bad
for consumers -- who want to keep low fares and great service; bad
for small communities and businesses -- who want to keep
competition and growing worldwide access and convenience; and bad
for Delta people - -- who want to keep their jobs and their
hard-earned benefits."
The statement suggests US Airways' defaulted on its pension
obligations to find the money for a hostile takeover bid of
Delta.
Despite the growing
opposition to the merger, US Airways' CEO Doug Parker won't comment
on whether his airline will increase its just-over-$10 billion bid;
already bumped from the airline's original offer of just over $8
billion.
According to an Associated Press report, Parker is counting on
the fact that Delta's unsecured creditor committee -- sure to play
a key role in any merger agreement -- has not indicated it's
looking for more money.
If these reports are accurate, he may be right -- those
creditors may be talking to Northwest instead.
More News
Touchdown Zone Lighting Two rows of transverse light bars located symmetrically about the runway centerline normally at 100 foot intervals. The basic system extends 3,000 feet alon>[...]
“Discovery and innovation are central to our mission at Virgin Galactic. We’re excited to build on our successful record of facilitating scientific experiments in subor>[...]
"We are reaching out to you today on behalf of the Popular Rotorcraft Association because we need your help. We are dangerously close to losing a critical resource that if lost, wi>[...]
UAS Traffic Management (UTM) The unmanned aircraft traffic management ecosystem that will allow multiple low altitude BVLOS operations and which is separate from, but complementary>[...]
Aero Linx: Society of Aviation and Flight Educators (SAFE) SAFE is a member-oriented organization of aviation educators fostering professionalism and excellence in aviation through>[...]
ANN's Daily Aero-Term (05.02.24): Touchdown Zone Lighting
See All