Delta Air Lines Inc.’s pointed rejection on Tuesday, Dec. 19, of US Airways Group Inc.’s hostile offer, coupled with the airline’s announcement of a reorganization plan, leaves creditors of the bankrupt carrier with two clear alternatives as they consider how the airline should emerge from Chapter 11 protection.

Atlanta-based Delta forecasts the airline’s consolidated equity value on exiting bankruptcy at $9.4 billion to $12 billion. The airline said that unsecured creditors would receive 63 percent to 80 percent of their allowed claims under its proposal in the form of shares of the emerged company.