It was rejected for a $1.1 billion federal loan guarantee last month and has been working to raise money to exit bankruptcy.

The company exited bankruptcy the following year with both a new corporate name and new management team.

A reorganization plan was accepted by the court in December 2012, clearing the way for the company to exit bankruptcy in early 2013.

This process is typical of large organizations with complex branding and intellectual property rights issues upon exiting bankruptcy.

He does not expect either Delta or Northwest to exit bankruptcy in 2006, however.

A merger might help United overcome its slow start since exiting bankruptcy earlier this year.

United is expected to exit bankruptcy in February, with most but not all of its cost-cutting and streamlining accomplished.

Delta's management opposes the proposal and intends to file its plan to exit bankruptcy next week.

After the company exited bankruptcy in the summer of 2005, its stock was trading above $30.

The option was granted when the company exited bankruptcy, and its price tag has risen over time.