Delta Air Lines will emerge from bankruptcy protection on April 30th, after unofficially receiving enough support from their creditors. More than 95 percent of ballots cast were in favor of the plan.
"We appreciate our creditors' strong vote of confidence in our plan, which we believe both maximizes their recovery and builds a foundation for Delta's long-term success," said Ed Bastian, Delta's chief financial officer.
Delta has estimated it will be worth $9.4 billion to $12 billion when it emerges from Chapter 11. The creditors will receive stock ranging up to 78% of what they had given Delta.
Creditors also approved the reorganization of Comair.
This is a big step for Delta as they are set to emerge. Hopefully they will get this right and move on to be a successful airline.
Comment Preview