Thursday, August 1, 2013
Creditors Approve American-US Airways Merger
American Airlines parent company AMR Corp. on Thursday said creditors are in favor of its bankruptcy reorganization plan to merge with US Airways and create the world's largest commercial airline.
According to preliminary results, 88 percent of creditors are voting in favor of the merger, and more than 99 percent of AMR shareholders approve of the plan.
AMR still needs approval from a bankruptcy judge in New York, who is scheduled to issue a ruling during a confirmation hearing later this month. The merger plan is also still being reviewed by U.S. regulatory authorities.
In a statement, AMR said it expects the merger to be completed during the third quarter of 2013, at which time American would also emerge from Chapter 11 bankruptcy protection.
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