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Delta's defense

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Published January 31, 2007 at 9:16 AM

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Delta Airlines Inc. continues to ramp up its defenses against hostile, would-be acquirer US Airways Group Inc. The bankrupt carrier said Tuesday it had secured a $2.5 billion exit financing package from six institutional lenders, enough to pay back $2.1 billion in existing DIP loans, to cover additional expenses and to have a little pocket cash. But it is up to Delta's creditors whether the carrier will fly solo or begrudgingly join forces with US Air, which, according to the published reports, is willing to sweeten its offer for the rival to $10.8 billion. US Airways has asked creditors by Feb. 1 to formally throw their support behind its offer and a Feb. 7 hearing for Delta's bankruptcy disclosure statement hearing is set. Fasten your seatbelts...

For more on the Delta saga and M&A buzz across the airline industry, see a related Dealwatch.

Inside The Deal: Avaya Inc.'s Mohamad Ali on the company's next target.

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