Bankrupt Delta Air Lines formally rejected a US Airways merger proposal and detailed its own restructuring plan

. "US Airways is a poor strategic fit … the worst of all merger partners," said Delta CEO Jerry Grinstein, citing "overwhelming" antitrust and labor issues. Delta's own plan would position it to complete a bankruptcy restructuring next spring and achieve profitability by the end of 2007. It values Delta between $9.4 billion and $12 billion, as compared with the $8.4 billion bid floated by US Airways.