20070527 - Northwest Chapter 11Northwest cleared to exit Chapter 11
US-Airline verläßt Insolvenzverfahren<br /> Northwest Airlines announced that it has received final court approval of its Plan of Reorganization, positioning the airline to exit bankruptcy on May 31. Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed the order confirming Northwest's Plan of Reorganization.
On May 9, Northwest announced that 98.4 percent of the dollar amount of claims that voted and 96.9 percent of the airline's creditors who voted, approved the Northwest plan. Northwest expects that it will emerge from Chapter 11 once all closing conditions of the Plan have been met and the company's $750 million new equity rights offering has been funded.
"We are pleased to have completed our restructuring successfully. We are now focused on emerging from Chapter 11 as a strong, publicly traded company, which will provide excellent service to our global customer base," Doug Steenland, Northwest Airlines president and chief executive officer, said. Northwest Airlines' new common stock has been authorized for listing on the New York Stock Exchange (NYSE) under the ticker symbol "NWA." Trading on the NYSE is expected to commence May 21, on a "when issued" basis (Ticker Symbol: NWA WI). The company anticipates "regular way" trading to commence on May 31, 2007.