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NW moves toward chapter 11 exit.

Publication: Business Travel News
Publication Date: 05-MAR-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Northwest Airlines last month detailed its reorganization plan and filed its statement of disclosure in bankruptcy court, helping to solidify its intention of leaving Chapter 11 protection in the first half of the year. Joining Delta Air Lines in a steady march toward the exit, Northwest CEO Doug Steenland last month said the filing is "a key milestone in our restructuring process" and signifies that the carrier has met many of its goals while under protection--bringing costs down, advancing with labor agreements and brightening its revenue picture.

Northwest this month will take its next steps with a March 26 hearing on its disclosure statement, which will be followed by the creditor approval process. Northwest seeks $750...

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