Air- A good day for AMR, American Airlines shares – South Florida Business Journal

Posted: February 5, 2013 in Uncategorized

Jan. 31, 2013

Shares of bankrupt AMR Corp., parent of American Airlines, closed Thursday up 20 cents to $1.28 after a sharp rise in trading in the morning. The 19 percent increase was the highest rise in share price since the stock surged 30 percent earlier this month.The increase comes a day after rival US Airways Group, which is in merger negotiations with American, proposed that its chairman and CEO, Doug Parker, run the combined company.AMR countered with a proposal to make its CEO Thomas Horton chairman of the new company if Parker becomes chief executive, according to The Wall Street Journal, who cite unnamed people familiar with the matter.In earlier days, Horton turned away the aggressive takeover from its smaller rival, opting to emerge a standalone company after bankruptcy. But, as of late, AMR has welcomed the deal and continues to negotiate the terms of the merger.A decision into whether the bankrupt airline will merge with US Airways is expected within the coming weeks. The airlines and AMR creditors are tussling over how much of the combined airline would belong to AMR creditors and how much to US Airways shareholders.In other American Airlines news, the air carrier, along with its fellow oneworld alliance members, welcomed Kuala Lumpur-based Malaysia Airlines into the alliance.After closing on the market Thursday, AMR’s Pink sheets: AAMRQ trading volume reached 9.5 million shares, up from its three-month average of 7.3 million shares. AMR reached its 52-week high of $1.66 on Jan. 14 and its 52-week low of 36 cents on Nov. 20.Shares of US Airways NYSE: LCC were down 2 cents, or 0.14 percent, to $14.28 after the market closed Thursday.


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