Delta Closer to Rebirth

A judge issues a ruling confirming its plan of reorganization.
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A New York bankruptcy court has issued a ruling confirming

Delta's

(DALRQ)

plan of reorganization, clearing the way for the airline to leave Chapter 11 later this month.

Delta expects its plan to become effective on April 30, once all closing conditions of the plan have been met and the company's $2.5 billion in exit financing has closed.

The Atlanta-based carrier filed for bankruptcy in September 2005. Delta's common stock has been approved for listing on the

New York Stock Exchange

under the ticker symbol "DAL," the same ticker it had before it sought protection from its creditors.

Current holders of Delta's stock, which trades over the counter, won't get anything through the reorganization plan. The existing shares will be cancelled and rendered worthless.