Air- American Airlines plan wins stakeholder approval- Tulsa World

Posted: August 2, 2013 in Uncategorized

August 1, 2013

Creditors and stakeholders have given approval to American Airlines’ parent AMR Corp.’s reorganization plan, the company announced Wednesday.More than 88 percent of votes came in favor of the bankruptcy plan, which would see American Airlines emerge from bankruptcy and merge with US Airways to form the world’s biggest airline.The vote, which finished Monday, included debt holders, equity shareholders and other groups that were granted an interest in the company through bankruptcy and reorganization.“This is another important milestone toward our launch of the new American,” outgoing CEO and chairman Tom Horton said. “The overwhelming support for our Plan of Reorganization is a testament to the resilience and hard work of the American team. Our people have stood tall and remained focused on putting our customers at the forefront of everything we do. That has made all the difference.”AMR is set for an Aug. 15 bankruptcy confirmation hearing before Judge Sean Lane, where he will consider the reorganization plan. Several groups did file objections to the plan, contending individual claims in the multi-billion case as well as the feasibility of AMR’s plan.Lane will consider those objections at the Aug. 15 hearing.AMR filed bankruptcy on Nov. 29, 2011. The filing set in motion more than 20 months of workforce reductions, cuts to salary and labor costs and controversial negotiations with unions.

via American Airlines plan wins stakeholder approval | Tulsa World.

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