Northwest Airlines filed its plan for emerging from Chapter 11 bankruptcy on Thursday. The company filed for bankruptcy protection in September of 2005 and has eliminated $2.4 billion in annual operating costs, $1.35 billion coming from labor concessions. According to the plan, unsecured creditors are expected to receive between 66% and 83% of the value of their claims against the company.Friday, February 16, 2007
NORTHWEST AIRLINES FILES REORGANIZATION PLAN
Northwest Airlines filed its plan for emerging from Chapter 11 bankruptcy on Thursday. The company filed for bankruptcy protection in September of 2005 and has eliminated $2.4 billion in annual operating costs, $1.35 billion coming from labor concessions. According to the plan, unsecured creditors are expected to receive between 66% and 83% of the value of their claims against the company.
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