Seabury Group - Investment Banking & Advisory Services

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Seabury Group Completes Financial Role in Northwest Airlines Restructuring

New York, May 31, 2007 – Seabury Group today announced that it has completed its role as financial advisor in the restructuring of Northwest Airlines Corporation, allowing the company to emerge from Chapter 11 bankruptcy protection. Northwest filed for Chapter 11 on September 14, 2005.

Serving as investment banker and principal restructuring advisor to Northwest, Seabury Group:

Restructured $13.5 billion of debt and lease obligations
Raised $750 million of new equity commitments
Structured $1.225 billion DIP financing consisting of a $175 million revolver and a $1.05 billion 6-year term loan
Served as M&A advisor on Northwest’s acquisition of Mesaba Airlines

Among Northwest’s accomplishments during its restructuring process were:

$2.4 billion annual reduction in operating costs (off of a base of $13 billion)
$4.2 billion reduction in debt (secured and unsecured) and PV of leases
Most profitable North American carrier in the first quarter of 2007 (historically a weak quarter for NWA)
Over $3 billion of unrestricted cash ($3.75 billion total cash) versus annual revenues of $13 billion
First carrier to take over $1 billion of new aircraft deliveries while in bankruptcy

Seabury Group is the leading independent transportation-focused investment banking and advisory firm serving aviation and other clients, on a global basis, in three different areas: investment banking, restructuring and management consulting. The company's professionals have advised over 100 clients worldwide in the airline, aerospace, cargo/logistics and maritime sectors, as well as private equity investors interested in those sectors. Seabury has led or been a significant participant in seven of the ten largest airline financial or operational turnarounds around the globe in the last 15 years.

For more information, please see: http://www.seaburygroup.com