Seen in the Wall Street Journal (subscriber link), quoting the sidebar:
The News: US Airways is willing to raise its hostile offer for Delta by $1 billion.
The Conditions: The official creditors’ committee must demand that Delta open itself to due diligence by US Airways. The committee also would have to ask a bankruptcy judge to postpone a hearing on Delta’s restructuring plan.
The article goes on to mention that this seems to be USAir’s final offer…and that the only creditors seemingly interested are those who own Delta debt for speculative purposes in the wake of USAir’s hostile takeover bid.
Fortunately, others seem to agree with me that this merger doesn’t offer enough synergy to make sense.