US Airways Withdraws Offer for Delta
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US Airwaysâ chief criticized Deltaâs creditors committee for overstating concerns about a merger.
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US Airways' efforts to extract $800 million in cost cuts from its unions and avoid a return to bankruptcy suffered a major setback when a divided pilots union refused to submit a contract proposal to its membership for a vote.
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The plan values Delta Air Lines at $9.4 billion to $12 billion and said its board has rejected US Airwaysâ $8.5 billion bid.
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SEPTEMBER 20, 2004 -- Regional jet manufacturers Bombardier and Embraer canceled huge orders that US Airways placed last year, a carrier spokesman confirmed today.
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Pressured by the prospect of bankruptcy, US Airways Group Inc. proposed last-ditch cost-saving offers to its pilots and flight attendants unions yesterday.
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Delta Air Lines Inc. said on Tuesday its board rejected an $8.4 billion bid from US Airways Group Inc. and filed its own plan to emerge from bankruptcy as an independent airline.
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Delta Air Lines Inc. formally rejected a bid by smaller rival US Airways Group Inc. and filed its own long-awaited plan to emerge from bankruptcy on Tuesday, valuing the carrier at up to $12 billion.
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Both US Airways and United are negotiating concessions with unions to avoid liquidation.
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Delta Air Lines Inc., the No. 3 U.S.  carrier, said on Wednesday it is cutting its airfares by as  much as 50 percent for travel in the continental United States.
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Talks between US Airways UAIR.O  and the airline's pilots union over a new round of concessions  broke down on Monday, the union said.
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The board of Delta Air Lines Inc.   met by conference call to discuss US Airways Group  Inc.'s  $8.5 billion hostile bid, but the directors are  not expected to issue a formal position on the offer for  several days, the Wall Street Journal reported on its Web site  on Tuesday, citing people familiar with the matter.
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ATLANTA -- US Airways Group Inc. will pitch its $8.6 billion unsolicited offer for Delta Air Lines Inc. in a meeting this week with Delta and the committee representing the unsecured creditors in Delta's bankruptcy case, a lawyer for the committee said Tuesday.
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Leaders of US Airways&#39; pilots union late Monday rejected the carrier&#39;s latest contract proposal, a blow to the airline&#39;s attempt to avoid a second bankruptcy filing.
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US Airways' pilots union announced that negotiations on pay and benefit cuts broke down Monday, prompting the carrier's executives to ask that their latest proposal be taken directly to the union's leadership for a vote.
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When US Airways made its unsolicited takeover bid for Delta Air Lines last month, it jolted the recovering airline industry and sparked talk about a wave of potential mergers.
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Delta Air Lines officially rejects an $8bn (Â£4.05bn) merger with US Airways proposed last month.
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Delta Air Lines Inc.  said on Thursday it listened to a presentation by US Airways Group Inc.  on US Airways' $8.5 billion takeover offer for Delta, but repeated earlier statements that it intends to emerge from bankruptcy as a stand-alone carrier.