US Airways continues takeover pitch to Delta's unsecured creditors

US Airways management will meet this week in New York with Delta Air Lines executives and representatives of its unsecured creditors to detail its $8 billion takeover proposal. Daniel Golden, a lawyer for the committee representing the creditors in bankruptcy court, informed the Associated Press yesterday that the meeting would take place but did not reveal the day.

The unsecured creditors are considered a key group in determining whether the US takeover bid will be accepted, and Golden said they are open to hearing out the proposal despite DL executives' push to keep the bankrupt carrier independent. "We have great respect for Delta's management," he told AP. "We think they've done a very good job in Chapter 11. But at the end of the day we're going to make a determination about what works best for the estate and the unsecured creditors...We have a job to do, which is to maximize recoveries for unsecured creditors."