US Air Goes After Delta

Grinstein said the bankruptcy court has granted Delta "the exclusive right to create the plan of reorganization until Feb. 15, 2007. We will continue to move aggressively towards that goal.''

Parker said he wants the chance to present an offer to Delta's creditors and management. "We've explained the synergies, and they said they want to keep running a standalone," he said. "We believe we have an alternative that is better, and we think it's important that the creditors see that. We've put our money where our mouth is.

"This alternative, we believe, is much more compelling than a standalone plan," Parker said. "The creditors will see that, and the management and employees as well will come to see that, once we get a chance to sit down and work with them."

Delta's creditors committee is led by Boeing (BA Quote) and has eight other members, including Pratt & Whitney, Coca-Cola (KO Quote), the Air Line Pilots Association, the Pension Benefit Guaranty Corp. and Fidelity.

Parker formally issued his proposal in a letter that he faxed to Grinstein on Wednesday. The letter noted that Grinstein refused to meet with Parker after a previous letter in September.

"I was disappointed that you declined to meet or even enter into discussions in your letter of Oct. 17, 2006," Parker wrote. "Because the benefits of a merger of US Airways and Delta are so compelling to both of our companies' stakeholders, we believe it is important to inform them about our proposal." Therefore, we are simultaneously releasing this letter to the public."