Northwest Airlines makes reorganisation plan agreement with shareholders

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Northwest Airlines (Pink Sheets:NWACQ) has reportedly reached an agreement with shareholders that had been opposed to its bankruptcy reorganisation plan.

The airline revealed in a bankruptcy court filing that it had agreed a settlement under which the shareholders would withdraw their objections to the reorganisation plan. In return Northwest would pay up to USD5m in the shareholders' legal costs.

A bankruptcy court hearing to approve the reorganisation plan and the settlement with the shareholder group is scheduled to start on Wednesday (16 May), The Associated Press reported.

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