US Airways may be ready to abandon offer for Delta

0 Comments | USA TODAY, January, 2007 | by Marilyn Adams

Showing frustration, US Airways CEO Douglas Parker said Tuesday that his company will drop its bid for Delta Air Lines on Thursday if bankruptcy creditors don't signal support for the $10 billion offer.

Delta's creditors "know exactly what they have to do," Parker said in a conference call on quarterly earnings. "If this (creditors) committee is not willing to do what it should do for investors ... we're not willing to pursue this transaction anymore."

Although Parker had earlier placed a Feb. 1 deadline on his offer, his comments suggested for the first time that US Airways may be poised to walk away from the deal it proposed in mid-November and sweetened earlier this month.

Parker's comments followed days of frantic maneuvering by people on all...