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Last Updated: Tuesday, 30 January 2007, 18:00 GMT
Delta gains bankruptcy financing
Delta Air Lines planes
Delta has won backing from some major financial institutions
Delta Air Lines has received promises of $2.5bn (1.27bn) in financing as it aims to emerge from bankruptcy protection as an independent company.

Financiers are JPMorgan Chase, Goldman Sachs, Merrill Lynch, Lehman Brothers, UBS, and Barclays Capital.

The exit cash will help Delta stand alone, despite an unwanted $9.9bn takeover bid from rival US Airways.

US Airways has set a 1 February deadline for support from Delta's main creditor committee.

Exit bid

The financing arrangement replaces the $2.1bn in financing the airline took on while in bankruptcy, said Delta.

It will also be used to make payments needed upon exit from bankruptcy and to increase the company's cash balance.

Atlanta-based Delta, which has been operating under bankruptcy protection since September 2005.

The airline, the third-largest US carrier, says it wants to emerge from bankruptcy this spring as an independent airline.




SEE ALSO
US Airways raises offer for Delta
10 Jan 07 |  Business
Delta rejects US Airways merger
19 Dec 06 |  Business
Delta 'cautious' over $8bn merger
15 Nov 06 |  Business
Delta pilots agree to 14% pay cut
28 Dec 05 |  Business
Delta to shed up to 9,000 workers
22 Sep 05 |  Business

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