American Airlines parent company AMR Corp. received approval for the Disclosure Statement filed for its proposed Plan of Reorganization, clearing the way for the company to begin soliciting votes on its plan from creditors and stockholders, the company said Friday.
The approval sets up an Aug. 15 date for the court to consider confirmation of the plan, which includes a merger with US Airways. According to the airline, holders of $1.6 billion in unsecured claims have already committed to vote in favor of the plan.
AMR Chairman Tom Horton said the company is in the "home stretch" of its restructuring, as American will begin soliciting votes from creditors later this month. The proposed plan would provide recovery of 3.5 percent of the common stock of the combined US Airways-American Airlines merger, for holders of existing AMR equity securities.
If the Plan of Reorganization is confirmed in August, AA will look to officially emerge from bankruptcy restructuring in the third quarter. That would launch its newly merged airline with US Airways CEO Doug Parker serving as CEO of the new American Airlines, and Horton serving as chairman of the board of directors.
Related: Aviation Today's Checklist