Delta Seeks Creditor Help to Fend Off US Airways Bid

Delta Air Lines is trying to rally support from creditors to help fend off a takeover bid by US Airways, according to a newspaper report on Friday.

Delta Chief Executive Gerald Grinstein and other executives have held a series of conference calls with creditors to sift through terms of US Airways’ offer, pressing creditors to back Delta’s restructuring plan, the Wall Street Journal reported on its web site.

The move could give Delta an early advantage in its fight to remain independent, the Journal said.

US Airways proposed an $8 billion takeover of Delta last week after an attempt at merger talks failed earlier this year.

US Airways, the number 7 U.S. airline with over 35,000 employees, believes the combination will generate at least $1.65 billion in annual savings.

But Delta, the number 3 US airline with over 47,000 workers, said it intends to emerge from bankruptcy as a stand-alone carrier.