US Airways has raised its offer for bankrupt carrier Delta Air Lines to $10.2 billion after Delta's rejection last month of an $8 billion bid.
The new offer aims to persuade Delta's creditors, who play a key role in bankruptcy proceedings, to accept a merger instead of Delta management's plan to emerge from creditor protection on its own.
'We are making this revised offer to eliminate any doubt that a merger with US Airways offers Delta's unsecured creditors significantly more value,' said US Airways chairman and chief executive Doug Parker.
