Northwest Airlines

Client

International Association of Machinists and Aerospace Workers (“IAM”)

Challenge

Evaluate Northwest’s Plan of Reorganization and recommending a voting position for IAM.

Solution

Working with the IAM’s counsel, Bridge assembled a team led by a Bridge Managing Director ,with extensive valuation experience, to review the Debtor’s Disclosure Statement, Plan of Reorganization (the “Plan”), certain SEC reports produced by the Debtor’s competitors and relevant analyst and research reports over the weekend preceding the voting deadline required under the Plan.

Results

Bridge identified and assessed issues and risks affecting the feasibility of Northwest’s reorganization plan including but not limited to the risks associated with achieving Plan revenue and expense estimates. Identified and evaluated issues affecting the value offered to the holders of allowed unsecured claims under the Plan similarly situated to those claims held and/or to be voted by IAM. As part of its report, Bridge also provided the client – within 72 hours of being retained – with a detailed feasibility report on Northwest’s Plan of Reorganization. Additionally, developed a voting recommendation regarding the client’s substantial claims.