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           27 November, 2021


    
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Delta Air Lines Creditor Group Urges Company to Take Steps to Respond to Increased US Airways' Offer

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2007-01-10 21:44:14     
Paul, Weiss, Rifkind, Wharton & Garrison LLP

In response to today's announcement by US Airways Group, Inc. of its revised offer to purchase Delta Air Lines, Inc. the Unofficial Committee of Unsecured Claimholders of Delta Air Lines, Inc. called upon the company to provide thoughtful and unbiased consideration to US Airways' enhanced offer.

The Unofficial Committee believes that it is in the best interests of Delta and its stakeholders for Delta to immediately take the following steps:

1. Provide reasonable and customary access for US Airways to perform its due diligence in a manner consistent with similar transactions.

2. Fully cooperate with US Airways to make the required filings under HSR.

3. Postpone Delta's Disclosure Statement hearing currently scheduled for February 7, 2007 to allow Delta to fully evaluate US Airways' proposal.

4. Include the active participation and input of the Unofficial Committee's advisors with respect to the US Airways' proposal and other strategic alternatives.

5. Desist from taking actions intended to deter other companies from proposing transactions with Delta that may result in greater creditor
recoveries than under a stand-alone Chapter 11 plan.

On its face, the revised offer by US Airways represents a substantial increase from its prior bid, and, more importantly, represents a significant premium to the valuation Delta itself places on its stand-alone plan. The increased US Airways' offer merits Delta's careful attention at this time in keeping with the board's fiduciary duty to maximize value for Delta's stakeholders, including members of the Unofficial Committee.

Only after Delta adequately considers the revised US Airways' proposal and any other strategic alternative that may present itself, will the members of the Unofficial Committee be in a position to determine whether to support Delta's stand-alone reorganization plan.

The Unofficial Committee's financial advisor is Jefferies & Company, Inc., and its legal counsel is Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Specialized in: Rifkind - Garrison Llp - Wharton - Weiss - Paul
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