Mikey711MN
Topic Author
Posts: 1229
Joined: Fri Nov 07, 2003 4:19 am

NW Requests Bankruptcy Extension To 6/07

Sat Mar 03, 2007 6:18 am

From the Minneapolis Star-Tribune article:

Northwest Airlines asks for bankruptcy extension
Associated Press

Northwest Airlines Corp. asked its bankruptcy judge to extend the period during which it alone can propose a reorganization plan.

A motion filed Friday in U.S. Bankruptcy Court in New York asked that the so-called exclusivity period be extended to June 29, 2007. It is due to expire March 16. Currently, only Northwest can propose a reorganization plan, which it did on Jan. 12. After the exclusivity period ends others, such as creditors, can propose their own plan for the company.

Northwest has said it intends to emerge from Chapter 11 by the end of the second quarter, which is June 30. It filed for bankruptcy protection on Sept. 14, 2005.
I plan on living forever. So far, so good...
 
TransWorldSTL
Posts: 556
Joined: Mon Mar 06, 2006 9:21 am

RE: NW Requests Bankruptcy Extension To 6/07

Sat Mar 03, 2007 7:06 am

Quoting Mikey711MN (Thread starter):

A motion filed Friday in U.S. Bankruptcy Court in New York asked that the so-called exclusivity period be extended to June 29, 2007. It is due to expire March 16. Currently, only Northwest can propose a reorganization plan, which it did on Jan. 12. After the exclusivity period ends others, such as creditors, can propose their own plan for the company.

Northwest has said it intends to emerge from Chapter 11 by the end of the second quarter, which is June 30. It filed for bankruptcy protection on Sept. 14, 2005.

Does this mean they're scared of what their creditors would do to them?
 
detroitflyer
Posts: 367
Joined: Fri Oct 27, 2006 11:01 am

RE: NW Requests Bankruptcy Extension To 6/07

Sat Mar 03, 2007 7:29 am

yes, it could be that OR maybe they just have a plan they want to implemet

both of these are guesses though
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PSU.DTW.SCE
Posts: 6091
Joined: Mon Jan 28, 2002 11:45 am

RE: NW Requests Bankruptcy Extension To 6/07

Sat Mar 03, 2007 7:32 am

That has always been the plan to emerge in the 2Q of 2007. They just had to file an extension to get to that date. No real postponement as they were never planning to emerge in March anyways.
 
worldtraveler
Posts: 3417
Joined: Tue Aug 05, 2003 6:18 am

RE: NW Requests Bankruptcy Extension To 6/07

Sat Mar 03, 2007 12:55 pm

this is a bit interesting. DL didn't extend its period of exclusivity after it filed its plan of reorganization and disclosure statement, both of which NW has now filed. However, it isn't uncommon for companies to keep their period of exclusivity until they emerge.

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