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AMR appeals court to approve $11b merger
February 23, 2013 , 8 : 32 pm
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The combined company would operate under the American Airlines name. US Airways chief executive Doug Parker will be chief executive of the merged company. Photo —Bloomberg News
: AMR Corporation, the parent of American Airlines, asked the judge overseeing its bankruptcy case to approve its $11 billion merger with US Airways to create the world's largest carrier.
United States bankruptcy judge Sean Lane in Manhattan is scheduled on March 27 to consider approving the agreement filed on Friday. The merger will take effect through a bankruptcy plan that hasn't been proposed yet.
"The combination of the two airlines will result in superior value for all stakeholders," American said in its filing.
Fort Worth, Texas-based American and US Airways, based in Tempe, Arizona, announced the merger last week. US Airways began its pursuit of a deal in January 2012, less than two months after AMR filed for bankruptcy.
The combined company would operate under the American Airlines name. US Airways chief executive Doug Parker will be chief executive of the merged company, while AMR chief executive Tom Horton will be chairman through its first annual meeting.
The agreement, which has the backing of creditors holding about $1.2 billion in claims, can be terminated by either company if the merger hasn't been consummated by October 14.
That deadline can be extended to December 13 under certain circumstances, American said. The deadline for filing objections to the merger is March 15.
The closing of the merger and the effectiveness of American's bankruptcy plan will occur together, American said in court papers. The carrier has an April 15 deadline for filing the reorganisation plan in court. It said a plan hasn't been negotiated with the committee representing unsecured creditors in the bankruptcy case.
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