US Airways Group has proposed an $8 billion merger with Delta Airlines to create the number one trans-Atlantic carrier.The proposal, which would take effect after Delta's emergence from bankruptcy, would provide about $8 billion of value in cash and stock to the company's unsecured creditors, US Airways said.Delta creditors would receive $4 billion in cash and 78.5 million shares of US Airways stock with an aggregate value of around $4 billion based on Tuesday's closing stock price.US Airways said its proposal represented a 25% premium over the current trading price of Delta's pre-petition unsecured claims as of November 14 assuming there will ultimately be $16 billion of unsecured claims.US Airways believes that the combination will generate at least $1.65 billion in annual synergies.The combined company, which would operate under the Delta name, would be the No. 1 carrier across the Atlantic and the second-largest to the Caribbean, US Airways said.
