American Airlines Nears Bankruptcy Exit, Merger
by Joel R. Glucksman on August 15, 2013
American Airlines parent AMR Corporation is gearing up to make its formal exit from bankruptcy proceedings, and to enter into a multibillion-dollar merger agreement with US Airways, after receiving approval of its restructuring plan from creditors.
AMR announced that preliminary results reveal at least 88 percent of ballots in each creditor class were cast in favor of the plan, representing more than 97 percent of the claim value in each group. In addition, more than 99 percent of AMR shareholders voted for the plan.
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