Davis Polk & Wardwell and Cadwalader Wickersham & Taft are leading the advisers guiding US airline giants Delta Air Lines and Northwest Airlines through their respective Chapter 11 proceedings, as the two New York firms profit from the tail-end of the bankruptcy boom.
Delta, the US’ third-largest airline, and rival Northwest both filed for Chapter 11 on 14 September following a difficult few years for the industry, sparked by the loss of confidence in air travel following the 9/11 terrorist attacks.
