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Um....Floats anyone??
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Delta Can Pay $29.4M for Services
Thursday April 19, 8:43 pm ET
By Harry R. Weber, AP Business Writer
Judge: Delta Can Pay $29.4M to Lawyers, Advisers for Services
ATLANTA (AP) -- A U.S. Bankruptcy Court judge authorized Delta Air Lines Inc. on Thursday to pay its lawyers, consultants and advisers $29.4 million for fees and expenses incurred over a four-month period.
The compensation period covers professional services performed for the Atlanta-based company in its bankruptcy case by 24 different firms from Oct. 1, 2006, to Jan. 31.
Judge Adlai Hardin said in his order that some of the money has already been paid and that the rest was held back.
He said Delta can now pay the remaining authorized balance to each firm.
The largest fee awarded for the four-month period was more than $8 million to Delta's chief bankruptcy law firm, Davis Polk & Wardwell.
Giuliani Capital Advisors LLC, a firm offering advice on business and investment banking, was awarded $909,000 for fees for the four-month period. Republican presidential hopeful Rudy Giuliani said in March that he would sell that unit of his consulting firm, Giuliani Partners LLP, to an Australian company. Earlier this month, Giuliani said he planned to leave his consulting firm because of the demands of his White House bid.
Hefty fees for lawyers and advisers are common in big bankruptcy cases.
Delta, the nation's third-largest carrier, filed for Chapter 11 on Sept. 14, 2005, in New York. It is expected to emerge from bankruptcy protection April 30.
A confirmation hearing on Delta's reorganization plan is scheduled for Wednesday. More than 95 percent of creditors who voted on Delta's reorganization plan approved of the plan.
Delta has projected it will be worth $9.4 billion to $12 billion when it exits bankruptcy protection.
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Thursday April 19, 8:43 pm ET
By Harry R. Weber, AP Business Writer
Judge: Delta Can Pay $29.4M to Lawyers, Advisers for Services
ATLANTA (AP) -- A U.S. Bankruptcy Court judge authorized Delta Air Lines Inc. on Thursday to pay its lawyers, consultants and advisers $29.4 million for fees and expenses incurred over a four-month period.
The compensation period covers professional services performed for the Atlanta-based company in its bankruptcy case by 24 different firms from Oct. 1, 2006, to Jan. 31.
Judge Adlai Hardin said in his order that some of the money has already been paid and that the rest was held back.
He said Delta can now pay the remaining authorized balance to each firm.
The largest fee awarded for the four-month period was more than $8 million to Delta's chief bankruptcy law firm, Davis Polk & Wardwell.
Giuliani Capital Advisors LLC, a firm offering advice on business and investment banking, was awarded $909,000 for fees for the four-month period. Republican presidential hopeful Rudy Giuliani said in March that he would sell that unit of his consulting firm, Giuliani Partners LLP, to an Australian company. Earlier this month, Giuliani said he planned to leave his consulting firm because of the demands of his White House bid.
Hefty fees for lawyers and advisers are common in big bankruptcy cases.
Delta, the nation's third-largest carrier, filed for Chapter 11 on Sept. 14, 2005, in New York. It is expected to emerge from bankruptcy protection April 30.
A confirmation hearing on Delta's reorganization plan is scheduled for Wednesday. More than 95 percent of creditors who voted on Delta's reorganization plan approved of the plan.
Delta has projected it will be worth $9.4 billion to $12 billion when it exits bankruptcy protection.
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