TPG, Delta Weigh Separate AMR Bids

Delta Air Lines Inc. (DAL) and private equity firm TPG Capital are separately assessing possible bids for American Airlines parent AMR Corp. (AMR), with hopes that AMR's troubles present another opportunity for airline consolidation, people familiar with the matter said.

AMR filed for bankruptcy-court protection in late November and is in the midst of restructuring its debt and cutting labor costs after it. Any bid for AMR likely would come several months from now. AMR could use the bankruptcy process to shed a trove of obligation that a buyer might be hesitant to assume.

TPG Capital prefers to work with a strategic partner for a possible American Airlines investment, some of the people said. TPG, which has expertise in the airline industry, has approached AMR about its interest, they said.