It took almost two years and 6,000 job cuts, but Delta Air Lines at last received the approval it sought to emerge from bankruptcy protection as an independent company.

On Monday, it plans to be reborn, with new shares, a restructured fleet and lower labour costs, but without the protection from creditors that bankruptcy court has provided since September 2005.

Atlanta-based Delta Air Lines Inc., estimates it will be worth US$9.4 billion (euro6.89 billion) to US$12 billion (euro8.79 billion). During its reorganisation, the third-largest U.S. airline slashed US$3 billion (euro2.2 billion) in annual costs.

More than 95 per cent of creditors voted to endorse the plan for Delta, which flies 307 routes in 52 countries to leave bankruptcy as a stand alone carrier.

hostile takeover bid

That plan had been put in jeopardy by a US$9.8 billion (euro7.18 billion) hostile takeover bid launched last fall by Tempe, Arizona-based US Airways Group Inc.

Delta successfully persuaded creditors to back its blueprint to emerge from bankruptcy and reject the buyout offer.

The plan will give unsecured creditors between 62 per cent and 78 per cent of the value of their allowed claims as shares of new Delta stock.

Airline industry analyst Robert Mann said Wednesday Delta was not likely to try to combine with another carrier in the near term. Industry watchers have speculated that Delta might join with Northwest Airlines Inc., which filed for bankruptcy the same day Delta did.

Now that it is leaving court protection, Delta may sell off its regional carrier subsidiary, Erlanger, Kentucky-based Comair, which has received poor marks for lost baggage and flight delays.

Chief Executive Gerald Grinstein said Wednesday not to expect any "immediate action" on Comair since the company has a new board of directors.

Delta's board will also choose a successor to Grinstein, who plans to retire.

Grinstein, who is 74, has said the two leading internal candidates are Chief Financial Officer Ed Bastian and Chief Operating Officer James Whitehurst.

Delta now employs 47,000 people.

Next week, 39,000 of them are expected to receive cash and new stock worth US$480 million. The total equity stake the employees will get equals 3.5 per cent of the company.

Delta is also giving 1,200 managers a 2.5 per cent stake, valued at US$240 million, in the reorganised company.

- AP