Northwest unofficial plan vote count shows overwhelming creditor support

By Caroline Salls

Pittsburgh, May 9 - Northwest Airlines Corp. said a preliminary vote count showed overwhelming creditor approval of its plan of reorganization, with 96.9% of voting creditors, representing 98.4% in claim dollar amount, voting in favor of the plan, according to a company news release.

Northwest said the final voting results will be filed late this week with the U.S. Bankruptcy Court for the Southern District of New York.

"Today's creditor approval is another step in Northwest's efforts to complete its restructuring next month and to move forward as a strong, fully-competitive airline," president and chief executive officer Doug Steenland said in the release.

"In recent weeks, we have announced the composition of our new board of directors, indicated a desire to list our new common stock on the New York Stock Exchange and reported a first-quarter profit, excluding unusual and reorganization items, for the first time since 1998."

Creditor voting ended May 7. The plan confirmation hearing is scheduled to begin May 16.

Northwest, an Eagan, Minn.-based airline, filed for bankruptcy on Sept. 14, 2005. Its Chapter 11 case number is 05-17930.

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