Delta Air Reorganization Plan Advances As US Airways Drops Takeover Bid; No Ratings Impact Jan 07
- ID: 1929079
- January 2007
- Region: United States
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 31, 2007-- US Airways Group Inc. (B-/Watch Dev/--) dropped its proposed acquisition bid for Delta Air Lines Inc., removing the largest obstacle to Delta's plan to emerge from Chapter 11 as a standalone entity. The announcement has no effect on Standard & Poor's Ratings Services' 'D' corporate credit rating on Delta (defined by its bankruptcy status) or the CreditWatch review of various aircraft-backed debt. Our ratings of enhanced equipment trust certificates, excepting 'AAA'-rated, bond-insured issues, remain on CreditWatch with developing implications, pending completion of a review of their treatment in Delta's proposed plan of reorganization. Standard & Poor's will assign a new corporate credit rating to Delta upon its emergence from bankruptcy, expected in...
Companies mentioned in this report are:
- Delta Air Lines Inc.
- US Airways Group Inc.
Action: CreditWatch Update
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Research type: News
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