The U.S. Bankruptcy Court for the Southern District of New York today confirmed Delta Air Lines' plan of reorganization, enabling the carrier to end 19 months of Chapter 11 protection on April 30.
Delta said it first must close its $2.5 billion in exit financing and meet other customary closing conditions. Delta said the ruling also applies to its wholly owned subsidiaries, including regional carrier Comair.
Delta Air Lines this week said it was getting closer to profitability, reporting a $130 million net loss—$6 million excluding special items—compared with a 2006 Q1 $2.1 billion loss in the first quarter of 2007. Thanks largely to growth in international revenue, Delta achieved a $155 million operating profit during what was its last full quarter under bankruptcy protection
(BTNonline, April 23).