Thu, Mar 15, 2007
Say Airline Has Had More Than Enough Time On Matter
it's our turn... or it should be, anyway. Some shareholders in
bankrupt Northwest Airlines are fighting the carrier's request to
extend the exclusivity period on its Chapter 11 reorganization
The Associated Press reports that period is set to lapse Friday
-- after which time other parties may submit their own plans to
bring Northwest out of bankruptcy. As Aero-News reported,
lawyers for the Eagan, MN-based airline have asked for an extension
until June 29 -- which, not by coincidence, is around the time
Northwest expects to exit Chapter 11.
This week, a group of shareholders told a New York bankruptcy
judge Northwest has already had 18 months to sort itself out, and
asked that the extension be tossed out. The investors are concerned
Northwest's plan doesn't adequately explore what the airline would
be worth if Northwest chose to merge with another airline while
still in Chapter 11.
"All indications point to consolidation among the legacy
airlines, but the Debtors refuse to exploit this opportunity," the
shareholders wrote. "Terminating exclusivity -- and allowing all
qualified bidders and plan proponents due diligence -- will ensure
that the estate does not lose this opportunity."
A hearing on the matter is set for Thursday.
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