US Airways Withdraws Bid for Delta

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PHOENIX (AP) -- US Airways dropped its $9.8 billion hostile bid for Delta today -- after Delta's official creditors committee said it will support the bankrupt airline's standalone reorganization plan.

In a statement, the Tempe, Arizona-based carrier said Delta Air Lines' official creditors committee would NOT meet its demands by the airline's established deadline of Thursday.

US Airways chief executive Doug Parker calls the decision by the committee disappointing. He contends the U-S Airways proposal would have been a better deal for Delta's unsecured creditors.