Delta and TPG Weigh Bids for American Airlines Parent As American Airlines trudges through its bankruptcy proceedings, potential suitors are coming out of the woodwork. Delta Air Lines and TPG Capital, the private equity firm, are considering separate bids for AMR Corporation, the airline's parent company, according to two different people briefed on the matter. Delta has hired the Blackstone Group and is mulling a potential bid, according to a person briefed on the matter. Blackstone advised Delta in that airline's own bankruptcy and on its merger with Northwest Airlines. At this point, it not clear Delta will end up making an offer, the person said. TPG is also taking a look, according to a person briefed on the matter. TPG is no stranger to airlines, having invested in Continental and Midwest Air and having made an unsuccessful bid for Australia's Qantas alongside Macquarie. The firm also worked with AMR on a proposed investment in Japan Airlines that was eventually rejected. American's restructuring is still in its early days. The company has yet to outline its plan to the bankruptcy court. It is expected to formally present a new strategy in the next few months. The company, among other things, seeks to reduce its costs by renegotiating contracts with its labor groups. A purchase of American Airlines would have to be reviewed by the creditors" committee, and approved by a judge. The interest in American Airlines was reported earlier by The Wall Street Journal. A bid from Delta, which would create the top carrier, would draw fierce scrutiny from the Department of Justice and might have trouble being approved without significant concessions. One analyst, Ray Neidl of the Maxim Group, said a deal with Delta was a "remote" possibility. One alternative, he noted, was a possible breakup for the airline, with various parts being bought by different airlines. Delta's shares rose 4 percent, or 35 cents, to $8.96 on Thursday. American filed for bankruptcy protection on Nov. 29.