daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Infrastructure and Mobility Forums > Airports and Aviation

Airports and Aviation » Airports | Photos and Videos



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old December 8th, 2006, 05:20 AM   #241
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta to sell 38 Boeing planes, orders 10 more

NEW YORK, Dec 7 (Reuters) - Delta Air Lines Inc. <DALRQ.PK> said on Thursday it will sell 38 Boeing Co. <BA.N> airplanes after delivery as part of its bankruptcy, but that it will order 10 more planes and convert an existing order of five planes to longer-range aircraft to match its restructuring plans.

Delta, which has been operating under bankruptcy protection since September 2005, said it has agreed to sell 15 Boeing 737-800 aircraft to Aviation Capital Group, the airplane leasing company unit of Pacific LifeCorp., and 23 planes to Babcock & Brown Aviation Finance Ltd.

Delta said that it would order 10 Boeing 737-70 aircraft and convert five firm orders for 777-200ERs to longer-range 777-200LRs.

The company said the moves will enable it to expand internationally and fly new routes. The transactions are subject to bankruptcy court approval. The company reiterated that it plans to emerge from bankruptcy in the first half of 2007 as an independent carrier. US Airways <LCC.N> is trying to buy the company.

Delta said it would provide more guidance on fleet plans in its reorganization plan to be filed later this month. Delta said it has booked $400 million in fleet savings out of a projected $450 million.

Delta agreed in December of 2005 to sell 10 Boeing planes to CIT Group Inc. <CIT.N> after delivery, due to start in 2007.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote

Sponsored Links
Old December 8th, 2006, 04:42 PM   #242
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Some Delta creditors form separate group

NEW YORK, Dec 7 (Reuters) - A group of nine unsecured creditors of Delta Air Lines Inc. <DALRQ.PK> have formed an unofficial committee to represent their interests, as the bankrupt carrier faces a takeover bid, according to court filings on Thursday.

The formation of the unofficial committee, which consists of creditors such as Deutsche Bank Securities Inc. and Lehman Brothers Inc., comes after US Airways Group Inc. <LCC.N> made an unsolicited $8.6 billion takeover offer for Delta on November 15.

Unsecured creditors in Delta's bankruptcy are already represented by one official committee, which consists of nine of Delta's largest creditors whose claims are not backed by collateral.

But none of the members of the new group are on the official creditor committee.

Atlanta-based Delta, which has been operating under Chapter 11 protection since September 2005, has said it intends to emerge from bankruptcy protection in the first half of 2007 as a stand-alone carrier and aims to file its reorganization plan this month. Delta's management has said it would review US Airways' offer as it is obligated to do.

The new group was expected to put pressure on Delta to fully consider the US Airways bid as an alternative to its stand-alone strategy, a person familiar with the matter said in November, when the group was being organized.

Delta's pilot union, which is part of the official creditor committee, has opposed US Airways' bid, saying it prefers the airline to remain independent.

Members of the new unofficial committee hold claims on unsecured obligations and securities issued by Delta, according to the filing. It did not say how much the members held among them.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 12th, 2006, 08:19 AM   #243
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Judge upholds ruling allowing Delta to terminate pilots' pension
By HARRY R. WEBER
11 December 2006

ATLANTA (AP) - A federal judge Monday upheld an order approving Delta Air Lines Inc.'s request to terminate its pilots' pension plan, over the objections of 223 retired pilots.

The group of retired pilots had appealed a U.S. Bankruptcy Court judge's ruling in September that said Atlanta-based Delta had met the requirements for its distress termination of the pension plan.

Some had argued that Delta's assumption about the number of pilots who would retire early if their lump-sum pension payment option was restored was flawed. They also argued that Delta had not explored other ways to reduce the number of early retirees before seeking termination of the pension plan.

But U.S. District Judge Denise Cote said in her ruling that Delta met its burden of proving that the pension termination was necessary as part of its effort to emerge from bankruptcy.

"In the face of this substantial evidence, appellants point to a handful of specific facts that they claim debtors were required -- but failed -- to demonstrate," Cote wrote. "These arguments are flawed, however, as, in every case, debtors either made a sufficient showing of the fact in question or were not required to do so."

Delta's active pilots did not object because they agreed not to as part of a concessions package they reached with management earlier this year.

Meanwhile, on Dec. 4, Delta and the Pension Benefit Guaranty Corp. reached a settlement over some key issues related to the carrier's request to terminate its pilots' pension plan.

Under the agreement, the government's pension insurer would get an unsecured claim of $2.2 billion against the nation's third biggest carrier. That would put it in line with other unsecured creditors for compensation after Delta emerges from bankruptcy. But unsecured creditors typically recover only a fraction of what they are owed.

Delta said in a bankruptcy court filing that in its reorganization plan the PBGC would get $225 million in senior unsecured notes, which are supposed to be repaid in full after a company emerges from bankruptcy.

Termination of the pension plan would mean the PBGC would take over the pilot pension and pay the pilots' benefits up to a maximum limit, in many cases less than what they were expecting under the company plan.

A hearing on the agreement between Delta and the PBGC is scheduled for Dec. 20.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 12th, 2006, 04:50 PM   #244
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

If Delta buyout happens, decision of headquarter location looms
12 December 2006

PHOENIX (AP) - Officials with US Airways say the Tempe-based carrier has not determined if it will stay in Arizona or relocate to Georgia if its $8 billion takeover bid for Delta Air Lines is approved.

But if it is, US Airways officials said the location of the merged company's new headquarters could be determined as early as the first quarter of 2007.

"The decision will be driven by what's in the best interest of the stakeholders, which includes the creditors, the shareholders and our employees," said C.A. Howlett, US Airways' senior vice president of public affairs.

Atlanta Mayor Shirley Franklin opposes the merger of the two airlines.

Phoenix-area legislators, business leaders and economic development officials say they want to keep the headquarters local but disagree about how to accomplish that goal and when to move forward with a plan.

"I don't think we're at a phase where we should be panicking," said Darcy Renfro, Arizona Gov. Janet Napolitano's policy adviser on higher education and economic development.

Napolitano and Phoenix Mayor Phil Gordon plan to meet with US Airways CEO Doug Parker about the issue, possibly this week.

"I believe that US Airways is a state asset and that every city and every business at the appropriate time should be engaged in attempting to maintain the headquarters here," Gordon said.

Howlett said the airline has had information discussions with members of the business community, governors and mayors.

"Regardless of where the headquarters would end up, each community is going to have major employment centers," he said. "We realize the nature and value of a corporate headquarters, but it's too early in the process."

Should the buyout happen, officials say the new company would be named Delta Air Lines and would be the largest airline in the nation.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 13th, 2006, 05:22 PM   #245
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Union Chief: US Air Is Only Delta Bidder
By HARRY R. WEBER
13 December 2006

ATLANTA (AP) - No other carrier has offered to buy Delta Air Lines Inc. since US Airways' hostile bid last month, and no merger discussions between Delta and any other carrier are currently ongoing, the head of Delta's pilots union said Wednesday.

"In the normal course of business all these executives talk back and forth, but I can tell you definitively as far as I know there's no talks going on between Delta and any other airline for a merger," Lee Moak, chairman of the union's executive committee, told The Associated Press.

The pilots union is a large creditor in Delta's bankruptcy case and is a member of the unsecured creditors committee, a key player in determining whether any merger would go forward.

Moak's comments came as Delta's pilots planned a rally later Wednesday near Atlanta to protest US Airways Group Inc.'s $8.7 billion bid, which was disclosed Nov. 15. Delta management also has opposed a merger. Delta's creditors committee was to meet Wednesday in New York to discuss the airline's proposal to remain a standalone carrier, Moak said.

Delta is expected to file its reorganization plan with the court later this month.

In October, Delta Chief Executive Gerald Grinstein said the Atlanta-based company had received "feelers" about 18 months earlier from UAL Corp.'s United Airlines about a possible merger, but that he rejected their overtures as he did later with US Airways. The company has not hinted that there's been any formal discussions between United and Delta since that time.

"There's not been any United Airlines bid or discussion for a Delta merger," Moak said Wednesday. "The Delta executives have been working well with us. They are focused, as are we, at emerging as a standalone carrier."

On Tuesday, lawyers for the creditors committee said in a bankruptcy court filing that there is no guarantee that US Airways' unsolicited buyout offer of Delta will ever be consummated, but it surely will fall through if the pilots' pension plan at Delta is not terminated.

The committee said in court papers that its consideration of the deal is still in the early stages, but that US Airways has made clear it would walk away without the pilots' pension being dumped.

"While US Airways' offer is only in the preliminary stages of discussion and it is uncertain whether a merger agreement will ever be reached, one thing is certain: the merger between Delta and US Airways will not proceed if the pilot plan is not terminated," the committee's lawyers wrote.

The remarks were made in a filing in which the committee asked the bankruptcy court to deny a request by some retired Delta pilots to stay the court's earlier approval of the pension termination pending further appeal. A federal district judge Monday upheld the bankruptcy court's approval.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 19th, 2006, 09:23 AM   #246
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Official: US Airways willing to raise its bid for Delta, currently at $8.4 billion
18 December 2006

ATLANTA (AP) - US Airways is willing to increase its $8.4 billion (euro6.4 billion) bid for Delta Air Lines Inc. if Delta can justify that it is worth more, an official with knowledge of US Airways' plans told The Associated Press.

The official, who spoke Monday on condition of anonymity because of the sensitivity of the talks, said US Airways first needs to see how much Atlanta-based Delta values itself in its reorganization plan, which it could file with the bankruptcy court as early as Tuesday, and whether any other airline makes a bid for Delta.

US Airways is eager to get a look at Delta's books to analyze how much if at all to increase the unsolicited offer, which was first disclosed Nov. 15, the official said.

A Delta spokeswoman declined to comment Monday on the timing of when Delta will file its reorganization plan, which some observers believe could value Delta at more than US Airways' current offer.

Tempe, Arizona-based US Airways Group Inc. has always "anticipated" the possibility of having to increase its offer and was not trying to buy Delta Air Lines Inc. "on the cheap," the official said.

As of last week, no other carrier had offered to buy Delta since US Airways' hostile bid, and no merger discussions between Delta and any other carrier have been ongoing, the head of Delta's pilots union said Wednesday.

The pilots union is a large creditor in Delta's bankruptcy case and is a member of the unsecured creditors committee, a key player in determining whether any merger would go forward.

A few hours after the union chairman's comments, Delta's pilots held a rally near Atlanta to protest US Airways' bid. Nearly 3,000 people attended. Delta management also has opposed a merger. Delta's creditors committee was scheduled to meet later that day in New York to discuss the airline's proposal to remain a standalone carrier.

Last Tuesday, lawyers for the Delta creditors committee said in a bankruptcy court filing there is no guarantee that US Airways' buyout offer of Delta will ever be consummated, but it surely will fall through if the pilots' pension plan at Delta is not terminated.

The committee said in court papers that its consideration of the deal is still in the early stages, but that US Airways has made clear it would walk away without the pilots' pension being dumped.

The remarks were made in a filing in which the committee asked the bankruptcy court to deny a request by some retired Delta pilots to stay the court's earlier approval of the pension termination pending further appeal. A federal district judge has upheld the bankruptcy court's approval.

US Airways shares fell 70 cents, or 1.2 percent, to close Monday at $55.80 on the New York Stock Exchange.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old December 20th, 2006, 03:52 AM   #247
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta Files Reorganization Plan
By HARRY R. WEBER
19 December 2006

ATLANTA (AP) - Delta Air Lines filed a reorganization plan Tuesday that calls for it to emerge from bankruptcy next spring as a stand-alone company worth as much as $12 billion, or slightly more than the combined market value of the nation's two biggest carriers.

The Atlanta-based company also said that its board has formally rejected US Airways' $8.5 billion hostile takeover bid, and its executives joined rank-and-file employees on a full-scale public relations assault against the proposal.

"US Airways is the worst of all potential merger partners," Delta Chief Executive Gerald Grinstein said during a conference call with analysts.

US Airways responded several hours later, saying it will continue to fight for its proposal.

"We will not be distracted by emotional or irrational arguments; there is simply too much at stake to lose sight of what is really important," US Airways Chief Executive Doug Parker said in a memo to his employees.

Grinstein didn't completely dismiss the idea of a merger with a company other than US Airways, saying Delta would review any other bids. But he said Delta would not put out a "for sale" sign.

Delta's chief financial officer, Ed Bastian, said the company so far has not received any other offers.

Delta outlined a five-year business plan. Its advisers estimated that a reorganized Delta will have a consolidated equity value of $9.4 billion to $12 billion and that Delta's unsecured creditors would recover roughly 63 percent to 80 percent of their allowed claims.

The high end of the equity value Delta is projecting would be more than the $11.9 billion in combined market value of AMR Corp.'s American Airlines and UAL Corp.'s United Airlines.

Delta's existing stock would be wiped out under the plan and creditors generally would receive distributions of new Delta common stock to settle their claims. Delta so far has not decided whether to give creditors any cash.

US Airways' offer included $4 billion in cash and 78.5 million shares of US Airways stock.

Tempe, Ariz.-based US Airways Group Inc. issued a statement saying it believes its proposal, including $1.65 billion in anticipated cost savings, provides more value than Delta's plan.

"We remain a disciplined and determined bidder for Delta," Parker said.

An official with knowledge of US Airways' plans who spoke on condition of anonymity because of the sensitivity of the talks said Monday that US Airways was willing to increase its offer if Delta could justify it is worth more.

Creditors must now vote on whether to approve Delta's reorganization plan or any competing plan that may be filed with the court. The plan also must be approved by the court.

Typically, in each class of creditors, Delta's plan would have to be approved by holders of two-thirds of the claims and a majority of the number of individual creditors, said New York bankruptcy lawyer William Rochelle. If a class is not impaired -- that is, if they are guaranteed of getting all of their money back no matter what -- they generally don't get to vote, Rochelle said.

If one or more classes of creditors do not approve the plan, Delta could still confirm the plan through a so-called cramdown, a maneuver in which it must show the court that the dissenting class will receive more under the plan than it would under a Chapter 7 liquidation, Rochelle said. The company also would have to show that any subordinate class, such as shareholders, would get nothing in the way of recovery under the reorganization plan, Rochelle said.

Delta already has met that second test because its plan calls for current shares of the company to be wiped out.

If a competing plan were filed, creditors would vote on each individually. There have been bankruptcy cases where two competing reorganization plans were approved by creditors; in such a case, a judge decides which plan is confirmed after holding a hearing to determine which plan is in the "better interest" of the creditors.

Ultimately, the unsecured creditors committee in the bankruptcy case will play a key role in determining Delta's fate. The committee has not said whether it will support Delta's plan, US Airways' plan or any other offer to buy Delta that may come in. A lawyer for the committee, Daniel Golden, did not immediately return a call Tuesday seeking comment. Rochelle said Delta would likely wait to hear from the creditors committee about its views before soliciting votes on its plan.

Delta employees held rallies Tuesday at airports serving several cities, including Cincinnati, Boston and Columbia, S.C., protesting US Airways' bid, which was first disclosed Nov. 15; Delta executives attended a similar rally in Atlanta.

US Airways shares rose $1.70, or 3.1 percent, to close at $57.50 Tuesday on the New York Stock Exchange, putting the value of its bid for Delta at $8.5 billion.

Delta said it believes the US Airways deal is not likely to gain regulatory approval. It also cited as obstacles: overwhelming labor issues and "flawed economic assumptions."

Bastian said Delta showed its reorganization plan to its creditors committee last week. He would not say how creditors specifically reacted, but he said he believes the committee will ultimately support Delta's plan.

Delta said US Airways continues to experience significant integration problems with its prior, smaller deal with America West. It believes US Airways is not equipped to simultaneously integrate a substantially larger company like Delta.

Bastian also said that the government's pension insurer is expected to give the final go-ahead Wednesday to Delta terminating its pilots' pension plan. The termination would be effective Sept. 2 and would mean the Pension Benefit Guaranty Corp. would take over the pilot pension plan and pay retired pilots a benefit up to a certain limit.

Delta said its business plan projects, among other things, a 50 percent reduction in net long-term debt and a return to profitability in 2007 and an increase in net income, after profit-sharing, from roughly $500 million next year to roughly $1.2 billion in 2010.

Delta filed for Chapter 11 in New York in September 2005.

Delta said its reorganization plan calls for rolling its bankruptcy financing of $2.1 billion into a new package that would go into effect when it emerges from Chapter 11, and it said it has received several proposals with competitive terms to help it do that.

There has been no decision about who will lead Delta once it emerges from bankruptcy, Bastian said. Delta's current chief, Grinstein, has said he plans to leave Delta around the time it exits bankruptcy.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 2nd, 2007, 09:37 AM   #248
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta Losses Narrow to $49M in November
29 December 2006

ATLANTA (AP) - Delta Air Lines Inc. reported Friday its loss narrowed in November to $49 million, which analysts said may bode well for the nation's third-largest carrier to fly solo when it emerges from bankruptcy. The news comes as Atlanta-based Delta is trying to fend off a hostile takeover bid from Tempe, Ariz.-based US Airways Group Inc.

The November figure compares with a $181 million loss it posted for the same month a year ago, the company said in a monthly operating report it filed with the U.S. Bankruptcy Court in New York.

"It's a move in the right direction. And if they want to remain independent, continuing improvement and results are necessary," said George Hamlin, vice president of business consulting for aviation firm Morten Beyer & Agnew.

Excluding reorganization items, Delta said its net loss for November was $12 million -- still enough to raise some concerns in what analysts consider an otherwise positive report.

"The financial improvement is a great sign that Delta's making progress. However, they are still not turning a net profit. And they're still apparently spending a million dollars a day -- or more -- on restructuring issues," said Mike Miller, an aviation analyst at Washington-based consulting firm the Velocity Group.

"A year and three months into bankruptcy, that's not an insignificant amount to be spending every day," he said.

Ed Bastian, the airline's chief financial officer, downplayed concerns in a statement, saying the results "continue the momentum" that could lead the airline back into the black next year.

The airline is credited with helping to transform Atlanta's airport into the world's busiest and the city itself into an economic engine of the Southeast. But Delta was sent reeling after the Sept. 11, 2001, terror attacks. It filed for Chapter 11 bankruptcy protection in 2005, reporting a $2 billion loss.

Bastian said the company has rebounded since then, and the airline expects to narrow its 2006 losses to $350 million and could turn a modest $450 million profit next year. A reorganization plan the company filed earlier this month calls for it to emerge from bankruptcy by the middle of next year as a stand-alone carrier.

Delta's creditors are currently weighing the proposals from it and its suitor, US Airways.

Delta, the nation's third-largest carrier, has tried to move the takeover struggle beyond the boardroom by organizing protests that have drawn thousands of Delta employees and rallying influential decision makers to its cause. Once at odds with each other over Delta's cost-cutting moves, the airline's management and pilots union have joined forces to oppose the takeover bid.

US Airways, meanwhile, has said it isn't backing off. Chief Executive Doug Parker said in an interview Thursday that his company does not intend to increase its $8.4 billion offer for Delta and that he believes its offer for its archrival provides more value than Delta's stand-alone plan.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 13th, 2007, 05:32 AM   #249
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta pilots' union opposes US Air buyout bid

NEW YORK, Jan 12 (Reuters) - The pilots' union of Delta Air Lines <DALRQ.PK> reiterated its opposition on Friday to a takeover of the bankrupt airline by rival US Airways Group <LCC.N>, saying it had committed $15 million to the effort to ensure the bid fails.

The union, a vocal opponent of the takeover bid, is one of the nine members of Delta's official committee of unsecured creditors. The committee has a key role in deciding the future of the bankrupt airline.

US Airways offered to buy Delta on Nov. 15 and earlier this week raised its bid by about 20 percent to $10.5 billion. It has said that any job cuts under its plan would be carried out through voluntary leaves of absence and attrition.

The bid has been opposed by most Delta employees. The pilots' unions at America West and US Airways -- the two airlines that merged to form US Airways Group -- have also expressed reservations. But earlier this week the chief of the America West pilots' union said he was "neutral" to the bid and focused on protecting the interests of its members.

The Delta chapter of the Air Line Pilots Association said the new offer did not address issues it had raised earlier, including antitrust concerns, route overlaps, job losses and provisions of its contract with Delta.

It also said the increased offer would raise the debt load of the combined company by $1 billion.

"Delta pilots will not change any provision of our contract in order to facilitate the hostile takeover of our company," Lee Moak, chairman of the union's master executive council, wrote in a memo to pilots.

"As such, the MEC remains totally committed and one hundred percent focused on one thing -- the death of the US Airways' merger attempt," he added. (Additional reporting by John Crawley in Washington)
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 21st, 2007, 06:10 PM   #250
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Saturday January 20, 1:00 AM
Delta to Brief Delta Board on US Air Bid
AP

Delta Air Lines Inc. management plans to discuss with its board soon its evaluation of US Airways' recently increased takeover bid, Delta said Friday. The disclosure came as Delta filed an amended reorganization plan that details how it would satisfy claims against its subsidiary, Comair.

Beyond that statement, the nation's third largest carrier offered no new insight into the fate of a hostile bid by Tempe, Ariz.-based US Airways Group Inc. to buy Delta in a deal valued at $10.1 billion.

Delta management has said repeatedly it opposes a merger with US Airways, but reiterated Friday it was obligated to review US Airways' increased offer, which was made Jan. 10. Its board rejected US Airways' initial offer, which was made Nov. 15.

The current offer is about 20 percent higher than the original.

"Delta's management and advisers are currently evaluating the revised US Airways proposal, in anticipation of making a further presentation to Delta's board of directors in the near future," Delta said in the filing.

Delta's amended reorganization plan calls for unsecured creditors of Comair to receive 76 percent to 100 percent of its allowed claims, among other things.

Atlanta-based Delta said general unsecured claims against Erlanger, Ky.-based Comair will be paid through the issuance of new Delta stock once Delta emerges from bankruptcy.

There are roughly $1.4 billion in unsecured claims against Comair, of which about $800 million is projected to be allowed claims, Delta said.

Secured and priority claims against Comair will be paid in full, Delta said. Securities litigation claims against Comair would receive no payment under Delta's reorganization plan.

Delta did not address the payment of claims against Comair when it initially filed its reorganization plan on Dec. 19.

Also new in its filing Friday was a notation that Delta no longer plans to offer creditors the right to buy stock in the new Delta at a certain price. Delta also revised slightly the amount of recovery that unsecured creditors against Delta will receive under its reorganization plan. They will now receive 62 percent to 78 percent of what they are owed, instead of 63 percent to 80 percent that Delta initially estimated.

Delta has estimated it will be worth $9.4 billion to $12 billion if it emerges from Chapter 11 by the middle of the year as a standalone company, which is its goal. That valuation did not change in the amended reorganization plan filed Friday.

A Feb. 7 bankruptcy court hearing in New York has been scheduled to discuss the disclosure statement to Delta's reorganization plan. If the statement, which includes details of Delta's operations, is approved, Delta could begin soliciting votes for approval of its reorganization plan.

US Airways is asking Delta's official creditors committee to support postponing that hearing. It has said that if that condition is not met by Feb. 1, along with several other conditions, it will revoke its bid for Delta. Delta's official creditors committee has so far been silent about its position on US Airways' revised offer.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 24th, 2007, 06:33 AM   #251
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

January 23, 2007
Delta CEO says not in merger talks with Northwest

NEW YORK (Reuters) - Bankrupt Delta Air Lines Inc. is not in merger talks with rival Northwest Airlines Corp. , Delta's Chief Executive Gerald Grinstein said in a newsletter to employees on Tuesday.

Grinstein's comments come after reports of a possible link up between the two bankrupt airlines and as Delta faces an unwanted $9.8 billion takeover bid from rival US Airways Group .

"We are not in merger negotiations with Northwest," Grinstein was quoted as telling members of Delta Board Council, which represents about 40,000 employees. "At the behest of our creditors' committee we recently retained an investment banker to obtain information from Northwest, a far cry from negotiating for a merger with them."

Grinstein added that he was not against consolidation in the industry, but called a potential deal with US Airways "the poster child of the worst kind of a merger."

Atlanta-based Delta, which has been operating under Chapter 11 protection since September 2005, has said it intends to exit bankruptcy by spring this year as an independent carrier.

US Airways, which first publicly offered to buy Delta in November last year, raised its bid earlier this month and has given Delta's creditors until February 1 to back its offer.

Earlier on Tuesday, US Airways Chief Executive Doug Parker told Reuters that his company was confident about its offer and did not have any other merger partner in mind should its bid for Delta fail.

Parker also said he thought reports about talks of a merger between Delta and Northwest were inaccurate.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 24th, 2007, 06:50 PM   #252
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

January 24, 2007
US Air tells lawmakers Delta deal would cut fares

WASHINGTON (Reuters) - US Airways Chairman Doug Parker defended on Wednesday the company's proposed takeover bid for bankrupt Delta Air Lines , telling a congressional panel that passengers would benefit from cheaper fares.
Parker said the $9.8 billion deal would mean lower costs and operational efficiencies that would cut fares in "dozens of new markets" for passengers.

"We have put forth a fair and equitable proposal ... to merge with Delta while the carrier is still in bankruptcy, and to make the combination of Delta and US Airways into a stronger, more competitive carrier than either carrier can become on its own," Parker told a Senate Commerce Committee hearing on airline industry consolidation.

However, Delta's chief executive, Gerald Grinstein, told lawmakers that his airline wants to exit bankruptcy this year as an independent carrier.

"Delta people deserve to determine their own destiny," Grinstein said, adding that the proposed merger was anti-competitive.

Senators on the panel expressed concern about possible layoffs, further consolidation and maintaining service to small, rural communities.

Congress cannot block a merger, but opposition from a number of lawmakers or a mix of key members could complicate a deal, according to industry experts.

Delta creditors have until February 1 to decide on the offer from US Airways.

Since 2001, the airline industry has been hit with two dozen Chapter 11 bankruptcy filings, five liquidations, and $35 billion in cumulative losses, Parker said.

However, US Airways posted a profit, excluding special items, for the first three quarters of 2006 and is expected to report a profit in the fourth quarter next week. US Airways merged with America West in 2005.

"Our industry stands at a crossroads," Parker said. "We believe -- and our experience has proven -- that we have to break with the failed policies of the past in order to provide a more sustainable future for all stakeholders."
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 25th, 2007, 06:47 AM   #253
spongeg
Registered User
 
spongeg's Avatar
 
Join Date: May 2006
Location: Coquitlam/Rainbow Lake
Posts: 8,034
Likes (Received): 1739

Delta bids for Atlanta-Shanghai service

ATLANTA, Jan. 22 (UPI) -- Delta Air Lines has made an early pitch to operate daily Atlanta-to-Shanghai, China, service after the bankrupt U.S. carrier missed out on service to Beijing.

"Delta is without question the best choice for the next airline designation to China," Chief Executive Officer Gerald Grinstein said in a proposal to the U.S. transportation department.

He said Delta service would "fill a critical void in air travel today, the lack of service between the Southeastern U.S. and China and the lack of U.S. carrier service between the Eastern U.S. and Shanghai," Air Transport World reported Monday.

The proposed route would be operated with Boeing 777s in a two-class configuration.

A codeshare arrangement with future SkyTeam partner China Southern Airlines would offer connections to Chinese destinations beyond Shanghai, Delta said.

Delta plans to introduce lie-flat seats on its 777 fleet in 2008 along with on-demand in-flight entertainment.

United Airlines won a three-way bid against Continental Airlines and Northwest Airlines to fly from Washington Dulles International Airport to Beijing earlier this month.

http://www.dailyindia.com/show/10603...anghai-service
spongeg no está en línea   Reply With Quote
Old January 28th, 2007, 07:47 AM   #254
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

L.A. Says Delta's Plan Can't Be Approved
26 January 2007

ATLANTA (AP) - The city of Los Angeles said in a bankruptcy court filing Thursday that Delta Air Lines Inc.'s reorganization plan can't be approved because of undue authority it gives the company to reject certain leases.

The city made the comments in an objection to the disclosure statement to Delta's reorganization plan. Denver, Palm Beach County, Fla., and the operator of a Puerto Rico airport also objected, as did an ad hoc committee of creditors; and some banks. Thursday was the objection deadline.

If the disclosure statement, which details Delta's operations, is still approved after a hearing currently scheduled for Feb. 7, the Atlanta-based company would be permitted to begin soliciting votes to approve its reorganization plan calling for it to emerge from bankruptcy as a standalone carrier.

The city of Los Angeles said that Delta's disclosure statement is accompanied by a reorganization plan that is "not confirmable as a matter of law and, thus, should not be approved because proceeding with a solicitation of the plan in its present form would waste valuable judicial and estate resources."

The city owns Los Angeles International Airport and Ontario (Calif.) International Airport, where Delta conducts operations and maintains leases.

The city said in its filing that Delta's disclosure statement fails to describe the potential impact that termination of its Terminal 5 lease at Los Angeles International Airport would have on the company's operations and financial performance. The filing said that the city is seeking, subject to court approval, to terminate the lease.

Without the information, creditors, like the city of Los Angeles, can't accurately evaluate the feasibility of Delta's reorganization plan, the objection says.

The objection by Los Angeles came on the same day Delta featured on its Web site its expanded service to and from Los Angeles International Airport. "Here you come, there you go. More flights than ever in and out of Los Angeles," Delta said on the Web site.

The city of Los Angeles also said in its filing that Delta's reorganization plan improperly gives Delta broad discretion to defer the effectiveness of its decisions to assume or reject certain unexpired leases and contracts beyond the effective date of the plan.

Delta spokesman Michael Freitag described the objection as a "classic issue that comes up in every Chapter 11 case."

"Are they objecting to the reorganization plan and disguising it as an objection to the disclosure statement?" Freitag said. "That's an issue that the lawyers will have to address at the hearing."

Only the disclosure statement is at issue currently. A separate hearing would be held to approve the reorganization plan.

"We believe the disclosure statement meets the appropriate standards for adequacy under the bankruptcy code, and we're confident any objections to the disclosure statement will be resolved in a manner that allows Delta to remain on schedule to emerge from Chapter 11 in spring 2007," Freitag said.

Also Thursday, the city and county of Denver filed a limited objection to Delta's disclosure statement. In court papers, Denver said provisions of the disclosure statement and reorganization plan concerning interest on tax claims violate the bankruptcy code, thus making Delta's reorganization plan "unconfirmable."

Denver said Delta's reorganization plan and disclosure statement appear to limit Denver's ability to collect interest, penalties and fees on administrative tax claims incurred by Delta since it filed for bankruptcy.

Denver is asking that Delta's request for approval of its disclosure statement be denied.

Palm Beach County, Fla., and the operator of Orlando, Fla., International Airport filed a request to join the objections filed by Los Angeles and Denver. Separately, the operator of the Luis Munoz Marin International Airport, located in Carolina, Puerto Rico, filed a limited objection to Delta's disclosure statement. The Bank of New York, Wells Fargo Bank Northwest N.A. and an ad hoc committee of creditors also filed objections.

Delta first filed its reorganization plan and disclosure statement on Dec. 19, and then amended it on Jan. 19.

Delta has estimated the company will be worth $9.4 billion to $12 billion if it emerges from Chapter 11 by the middle of the year as a standalone company, which is its goal.

Tempe, Ariz.-based US Airways Group Inc., which continues to push a hostile bid to buy Delta, has asked Delta's official creditors committee to support postponing the Feb. 7 bankruptcy hearing. It has said that if that condition is not met by Feb. 1, along with several other conditions, it will withdraw its bid for Delta. Delta's official creditors committee has so far been silent about its position on US Airways' revised offer.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old January 29th, 2007, 07:16 AM   #255
Lee
BANNED
 
Lee's Avatar
 
Join Date: Jun 2003
Location: Miami
Posts: 1,443
Likes (Received): 15

I have an inside source telling me that DL will order 11 more 777LR's, more
738's, and possibly some 777-300ER's.
Lee no está en línea   Reply With Quote
Old February 2nd, 2007, 06:36 AM   #256
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta Air Lines gets $2.5 bln in exit financing

NEW YORK, Jan 30 (Reuters) - Delta Air Lines Inc. said on Tuesday it has commitments from six major banks for $2.5 billion in exit financing as it aims to emerge from bankruptcy protection independently.

The exit financing is a major step forward in Delta's bankruptcy process and signals its determination to emerge as a stand-alone airline in the face of an unwanted $9.8 billion takeover bid from rival US Airways Group Inc. .

The financing deal could be seen as a symbolic seal of approval for Delta's plan from Wall Street's blue-chip lenders.

"These banks have looked at the stand-alone business plan that Delta has come up with and this is their giving credibility to it," said Fruman Jacobson, a lawyer at Sonnenschein Nath & Rosenthal, which represented unsecured creditors in the bankruptcy of UAL Corp. , parent of United Airlines.

The financing will be co-led by JPMorgan Chase & Co. , Goldman Sachs Group Inc. , Merrill Lynch & Co. Inc. , Lehman Brothers Holdings Inc. , Swiss bank UBS , and Barclays Capital, the investment banking unit of British bank Barclays .

US Airways has Citigroup and Morgan Stanley backing its bid.

WHERE THE MONEY GOES

Delta's arrangement replaces the $2.1 billion in financing it took on while in bankruptcy. The money will also be used to make payments required upon exit from bankruptcy, such as paying advisers, and to increase the company's cash balance.

Atlanta-based Delta, which has been operating under bankruptcy protection since September 2005, has said it wants to emerge from bankruptcy this spring.

US Airways has set a Feb. 1 deadline for support from Delta's main creditor committee, which has so far not publicly announced its intentions.

"The competitive terms and unique structure of this financing package reflect our considerable progress and the soundness of Delta's stand-alone plan," Delta Chief Financial Officer Edward Bastian said in a statement. "We appreciate the confidence the financial markets are showing by making this commitment in support of Delta's stand-alone plan."
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old February 6th, 2007, 04:29 AM   #257
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta Air Lines January traffic rises on stronger international traffic
5 February 2007

ATLANTA (AP) - Delta Air Lines Inc. said Monday its January traffic grew 3.3 percent, as the carrier expanded its international offerings and shrank its domestic capacity.

The carrier, which is operating in Chapter 11 bankruptcy protection, said its January traffic grew to 8.86 billion revenue passenger miles, from 8.57 billion in January 2006. A revenue passenger mile is an industry unit measuring one paying passenger flown one mile.

Capacity grew 2.9 percent to 12.02 billion available seat miles from 11.68 billion. The sharpest capacity gains were in international travel, with Latin America up 33.7 percent and Europe up 24.7 percent. Domestic capacity, meanwhile, shrank by 5.1 percent.

Big network hub-and-spoke carriers have recently focused more on lucrative overseas routes, amid fierce domestic competition by low-cost competitors.

Delta said occupancy during the month improved to 73.7 percent from 73.4 percent.

Shares of Delta, which recently repelled a hostile buyout offer from US Airways Group Inc., rose 3 cents to $1.22 in over-the-counter trading. Delta has said it expects its shares to be worthless when it emerges from bankruptcy protection.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old February 8th, 2007, 06:30 AM   #258
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta to Begin Bankruptcy Plan Vote
7 February 2007

NEW YORK (AP) - Delta Air Lines moved a giant step closer to emerging from bankruptcy Wednesday when a judge approved a disclosure statement that will be sent to creditors along with its reorganization plan.

The judge also ruled to block any strike action by pilots of Delta subsidiary Comair, if it imposes wage cuts and other concessions on them.

U.S. Bankruptcy Judge Adlai Hardin's approval of Delta Air Lines Inc.'s disclosure statement now lets the carrier begin soliciting votes for its plan to emerge this spring as a stand-alone company worth more than $9.5 billion, Delta lawyer Marshall Huebner said in court.

Delta has estimated in court documents that it could be worth between $9.4 billion and $12 billion.

Huebner said the approval was a "momentous event" as the company worked to emerge from court protection.

Speaking after the hearing, Delta Air Lines Chief Financial Officer Edward Bastian declined to offer details about the search to replace Chief Executive Gerald Grinstein.

Grinstein is 74 and has said he will step down after a transition period with his successor once the company exits Chapter 11.

"With this key ruling now in place, our airline is entering the next phase as we prepare to emerge this spring as a strong, competitive, stand-alone carrier," Grinstein wrote in an e-mail to Delta employees after the ruling. He said Delta would emerge as one of the best positioned airlines in the country.

Bastian said the company is expected to announce the make up of its board of directors on March 30. It will consist of the CEO and 10 outside directors.

Bastian said there are no discussions now about whether Delta would combine with another airline once it exits bankruptcy, and that it would not consider whether it should carve out regional airline Comair until it has emerged from Chapter 11.

Lawyers for the Atlanta-based company said in court filings on Tuesday that it had resolved all remaining objections to the disclosure statement, both "formal and informal, filed or unfiled, represented or pro se." Eleven objections were filed, and they included the city of Los Angeles, the city and county of Denver, Travelocity and a number of banks.

"The completely consensual nature of today's hearing is the result of breathtakingly hard work by many, many people," Huebner said.

Delta originally filed a reorganization plan and disclosure statement on Dec. 19, and has amended it twice since then.

The court scheduled a hearing for April 25 to consider approval of the reorganization plan. Within the next two weeks, Delta will begin sending out solicitations for votes from creditors. Voting is expected to last until April 9. The plan has key support from the official committee of unsecured creditors and two committees representing retired pilots and other non-pilot retirees.

Tempe, Ariz.-based US Airways Group Inc. withdrew its bid to buy Delta on Jan. 31 after a group of creditors said it supported Delta's stand-alone plan. US Airways had sought the support of creditors as Delta rebuffed its hostile bid, which was estimated to be worth $9.8 billion at the time it was abandoned.

At the hearing, Hardin also granted an injunction that blocks any strike or other job action by the 1,500 pilots at Comair, a Delta subsidiary based in Erlanger, Ky., near the Cincinnati/Northern Kentucky International Airport. The pilots have authorized a strike if the airline imposes concessions.

The airline has been seeking concessions of $15.8 million per year from the pilots as part of its restructuring plan to save $70 million annually.

Bastian said the judge's ruling was appropriate and that Comair still intends to settle with its pilots.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old February 12th, 2007, 10:19 AM   #259
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

US Airways CEO arrested on drunken driving charge, hours after bid for Delta was rejected
By AMANDA LEE MYERS
10 February 2007

PHOENIX (AP) - US Airways Chief Executive Doug Parker was arrested on suspicion of drunken driving just hours after his airline's $9.8 billion (euro7.53 billion) bid for Delta Air Lines was rejected, Scottsdale police confirmed.

Meanwhile, a newspaper reported that Parker had a previous DUI conviction in 1991 when he worked for American Airlines in Dallas, and Parker admitted to two other alcohol-related incidents.

Parker, 45, was pulled over at 11:30 p.m. on Jan. 31 after leaving a party at the FBR Open golf tournament in Scottsdale, police Sgt. Mark Clark said. Parker was pulled over for driving 20 mph over the posted speed limit of 45 mph.

Results released Friday show Parker had a blood-alcohol level of 0.096, according to Clark. The legal limit in Arizona is 0.08.

According to a police report, Parker told police he had three beers during a two-hour period.

The arresting officer, Ben Roberson, wrote in the police report that Parker had bloodshot and watery eyes, slurred speech and alcohol on his breath. Parker refused to take a breathalyzer test, the report shows.

The officer performed roadside sobriety tests and arrested Parker. He then took Parker to a DUI task force post for booking and to have blood drawn for an alcohol-level test. Before the test was given, the report shows Parker asked to speak with a lawyer who also had been a passenger in his black BMW when he was pulled over.

The lawyer told Parker over the phone to take the test, the report shows.

Parker, a husband and father of three children who lives in the posh town of Paradise Valley, was cited for DUI and driving at an imprudent speed and released the night of his arrest. Police called a taxi for him and had his car towed.

Parker is scheduled to appear in Scottsdale Municipal Court on Feb. 21.

The Arizona Republic reported Friday that after Parker was arrested by Dallas police in January 1991 on suspicion of drunken driving, he pleaded guilty to the misdemeanor charge of DUI and was given a probated sentence of 30 days in jail, two years probation and a $250 (euro192) fine.

Parker worked for American Airlines from 1986-91, was at Northwest Airlines in Minneapolis from 1991-95 and then joined Tempe-based America West Airlines as its chief financial officer. He became America West's CEO in September 2001 and the carrier acquired US Airways in 2005.

Parker wrote two letters of apology this week to US Airways employees regarding last month's incident but did not mention the 1991 DUI case.

In the letters, Parker said he was in too much of a hurry the night of his arrest, but that he was honest with Roberson about how much he drank. He said he did not believe his blood-alcohol level would be over the legal limit and that he was OK to drive.

In a statement issued Friday night, Parker said that he was "regrettably involved in three other alcohol-related incidents in my twenties. Two involved driving under the influence (one a misdemeanor) and the third occurred in college while a passenger in a friend's car."

However, Parker did not release any details of the other two incidents.

"As I communicated to our employees earlier this morning, my mistake of last week was just that -- a mistake, not a trend -- and I believe that events from 15 and 20 years ago do not reflect on the person I am today," Parker said in the statement.

US Airways vice president of communications Elise Eberwein said Parker "is embarrassed beyond words and knows more is expected of him." The airline said it would have no further comment on the incident Friday.

US Airways made a hostile bid for bankrupt Delta on Nov. 15. and later raised its bid by nearly 20 percent in hopes of swaying the carrier's official committee of unsecured creditors.

But the creditors rejected the offer on Jan. 31, and Parker pulled the bid within minutes of being informed of the move.

Parker said Thursday he wouldn't have done anything differently in regards to the Delta bid.

"The creditors just chose not to go with our proposal," he said. "We think our proposal was better, but it was their prerogative, and we left on our own terms."
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old February 14th, 2007, 05:15 AM   #260
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,926
Likes (Received): 18189

Delta says it considered 'business combination' with Northwest
13 February 2007

MINNEAPOLIS (AP) - Delta Air Lines acknowledged in a bankruptcy filing that it considered a "business combination" with Northwest Airlines at the same time Delta was weighing an offer from US Airways Group Inc.

The Delta filing was made in Northwest's bankruptcy case late Monday. It did not elaborate on what a "business combination" would have looked like.

In the filing, Delta said its "management and Delta's Board of Directors, with the assistance of their financial advisors, duly considered US Airways' proposal. In doing so, they also considered various restructuring alternatives, including a possible business combination with Northwest."

"While no merger negotiations are currently underway or planned between Northwest and Delta, such negotiations are possible in the future," the Delta filing said.

On Tuesday, Delta said in a prepared statement: "As stated in the filing, in fulfilling our fiduciary duty to maximize value for all of stakeholders, Delta has considered various restructuring alternatives. Delta continues to focus on our standalone plan of reorganization." A Northwest spokesman said the airline had no comment on Delta's filing.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote


Reply

Tags
airline, airlines, north american airlines, oneworld, skyteam, star alliance, travel, united states, us airlines

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 09:32 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

tech management by Sysprosium