I wouldn't say DL wasn't able to offer cash to the creditors. I think they did not feel like they had to. Since the US plan would not payout until regulatory approval (1-1.5 years most likely) and the DL plan would payout (stock) in the spring, I think DL thought they had the stronger plan. It seems the creditors thought so as well.
On the financing point, I don't believe NW/DL would have any problem attracting financing for a deal. US didn't get financing for a DL takeover based on their own assets. It was DL's assets that enabled US to get financing for a deal. Since a friendly merger is much easier to execute than a hostile takeover, I think creditors will jump at the possibility. NW and DL would be a powerhouse company and money will come out of the woodwork to finance the deal.
Yes, I agree that most of US's financing package is based upon the assets of DL. But I don't think all of it is based on those assets, as many of DL's assets are likely tied up in secured loans that will survive bankruptcy (Same goes for US). I would imagine that it is a combination of both airlines... which would eventually be refinanced anyways.
Also, US has months of post-bankruptcy history that allows banks to more accurately determine the risk. With DL/NW... the risk, although still decipherable, would likely not be as precise.
Lastly, if there is a hostile competing bid that may halt your chances of surviving bankruptcy as a standalone, a company would definitely offer cash to please the creditors. Of course, this is not true if the debtor wants to be purchased; but the media has made clear that DL does not prefer US. I have seen in your other posts where you thought NW and DL have been planning a merge post-bankruptcy ever since the twin filings. I have never thought about it... but it is odd that both airlines filed on the same day.
Perhaps, however, DL/NWA would be able to obtain financing based simply upon the perceived synergies in the deal (Wall Street finances this all the time). I would imagine that terms of such financing would not be very favorable though and, thus, would not likely woo the creditors more than a US/DL deal.
Time will tell. The storyline has definitely become more tangled.
