Saying that US Airways' $8 billion unsolicited takeover proposal is plagued by "overwhelming" antitrust and labor issues, Delta Air Lines' board of directors formally rejected the offer and submitted its own plan of reorganization that calls for it to emerge from bankruptcy in spring 2007 as a standalone airline with a disciplined cost structure and a heavy emphasis on international flying. In an appeal to unsecured creditors whose support is important--if not vital--to the deal, the Delta ...

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