Delta Air Lines is finally wrapping up its bankruptcy issues from a Chapter 11 filing six years ago.
Atlanta-based Delta and Eagan, Minn.-based Northwest Airlines both filed for bankruptcy protection on the same day in September 2005, then three years later announced a merger.
The bankruptcy court granted an order for final decree to close the Northwest bankruptcy case in March. After completing paperwork on the final claims, earlier this week Delta distributed its final round of shares to unsecured creditors and to some employees.
That includes about 1,000 pre-merger Northwest pilots who took their bankruptcy claim in stock, according to the Air Line Pilots Association at Delta. It also includes 104 shares for Mickey Foret, a Delta board member, former chief financial officer of Northwest and president of Aviation Consultants LLC. The shares were for an unsecured claim held by Aviation Consultants.
The final step in the Northwest bankruptcy case follows the conclusion of Delta's bankruptcy earlier this year. Delta's order for a final decree was granted in December 2010, and the final claims were distributed in March 2011.
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