Manufacturing Industry
Northwest Airlines gets go-ahead for restructuring plan
Airline Industry Information, March 27, 2007
AIRLINE INDUSTRY INFORMATION-(C)1997-2007 M2 COMMUNICATIONS LTD
US Bankruptcy Court Judge Allan Gropper has made a ruling that allows Northwest Airlines to start seeking creditor approval for its plan to exit bankruptcy.
The plan reportedly values the company at an estimated USD7bn and the decision is one that sets the airline in the last stages of bankruptcy protection.
According to The Associated Press, Gropper stated that Northwest would be able to release its disclosure statement to creditors along with the restructuring plan, once it revises the disclosure statement to incorporate agreements reached on 26 March.
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