Mobissimo

Delta Airlines has been cleared to exit bankruptcy.  Good new, perhaps now they can pay us.  But regardless, looks like hard times for the US legacy carriers is turning around.

NEW YORK (Reuters) - A U.S. bankruptcy court on Wednesday gave Delta Air Lines Inc. (Other OTC:DALRQ - news) the go-ahead to exit Chapter 11 on April 30, ending a year and a half in bankruptcy.

"I will sign the confirmation order," Judge Adlai Hardin said at a hearing in U.S. bankruptcy court in New York.

Delta, the No. 3 U.S. carrier and one of the largest bankruptcies in U.S. history, was relieved to finally be exiting Chapter 11.

"We're free at last," said Chief Executive Gerald Grinstein. "I feel elated."

What exactly does this mean?  Basically a filing status, but it clears the way for them to erase debt, most likely issue new stock, and most of all, appease investors and Wall Street.