0
Quote
Judge OKs American Airlines-US Airways merger, American’s exit from bankruptcy
U.S. Bankruptcy Judge Sean Lane said Wednesday that AMR and American Airlines are free to exit bankruptcy court and close their merger with US Airways Group.
UPDATE, 9:55 a.m. CST: American Airlines says it will close the deal, close the merger, exit from bankruptcy on Dec. 9, 2013.
American made these points in a press release, and we quote:
– Consummation of AMR’s Plan of Reorganization and the merger of US Airways Group, Inc. with and into a subsidiary of AMR Corporation is planned to be completed prior to the securities markets opening on Dec. 9, 2013.
– Assuming this expected schedule, the last day of trading of all outstanding securities of AMR, including the common stock trading under the symbol “AAMRQ,” and the common stock of US Airways Group, Inc. (NYSE: LCC) will be Dec. 6, 2013.
– Upon the anticipated closing of the merger on Dec. 9, 2013, AMR Corporation will be renamed American Airlines Group Inc., with its common stock to be listed and traded on the NASDAQ Global Select Market under the symbol “AAL” and its preferred stock to be listed and traded on the NASDAQ Global Select Market under the symbol “AALCP.”
– At the time the Plan of Reorganization becomes effective and the merger closes, each outstanding share of US Airways Group, Inc. common stock will be converted into one share of American Airlines Group Inc.
common stock and substantially all pre-Chapter 11 unsecured claims against and outstanding equity securities of AMR Corporation will be satisfied by American Airlines Group Inc. common stock or preferred stock in accordance with the Plan of Reorganization.
“Today’s rulings by the court are another important step in our path toward emerging from restructuring and closing our planned merger with US Airways,” American spokesman Mike Trevino said.
“The new American will compete on a global scale with a network that benefits our people, our customers and the communities we serve. With the court’s rulings today, we now intend to close the merger on Dec. 9,” Trevino said.
We’re tweeting live updates on Twitter at @tmaxon.
Live updates: Tweets by @tmaxon
The decision, issued from the bench Wednesday morning, sets the stage for the companies to finalize their marriage, with Dec. 9 expected as the closing date.
In ruling in favor of AMR/American Airlines, the judge denied the request of plaintiffs in a private antitrust lawsuit for a temporary restraining order.
U.S. Bankruptcy Judge Sean Lane said Wednesday that AMR and American Airlines are free to exit bankruptcy court and close their merger with US Airways Group.
UPDATE, 9:55 a.m. CST: American Airlines says it will close the deal, close the merger, exit from bankruptcy on Dec. 9, 2013.
American made these points in a press release, and we quote:
– Consummation of AMR’s Plan of Reorganization and the merger of US Airways Group, Inc. with and into a subsidiary of AMR Corporation is planned to be completed prior to the securities markets opening on Dec. 9, 2013.
– Assuming this expected schedule, the last day of trading of all outstanding securities of AMR, including the common stock trading under the symbol “AAMRQ,” and the common stock of US Airways Group, Inc. (NYSE: LCC) will be Dec. 6, 2013.
– Upon the anticipated closing of the merger on Dec. 9, 2013, AMR Corporation will be renamed American Airlines Group Inc., with its common stock to be listed and traded on the NASDAQ Global Select Market under the symbol “AAL” and its preferred stock to be listed and traded on the NASDAQ Global Select Market under the symbol “AALCP.”
– At the time the Plan of Reorganization becomes effective and the merger closes, each outstanding share of US Airways Group, Inc. common stock will be converted into one share of American Airlines Group Inc.
common stock and substantially all pre-Chapter 11 unsecured claims against and outstanding equity securities of AMR Corporation will be satisfied by American Airlines Group Inc. common stock or preferred stock in accordance with the Plan of Reorganization.
“Today’s rulings by the court are another important step in our path toward emerging from restructuring and closing our planned merger with US Airways,” American spokesman Mike Trevino said.
“The new American will compete on a global scale with a network that benefits our people, our customers and the communities we serve. With the court’s rulings today, we now intend to close the merger on Dec. 9,” Trevino said.
We’re tweeting live updates on Twitter at @tmaxon.
Live updates: Tweets by @tmaxon
The decision, issued from the bench Wednesday morning, sets the stage for the companies to finalize their marriage, with Dec. 9 expected as the closing date.
In ruling in favor of AMR/American Airlines, the judge denied the request of plaintiffs in a private antitrust lawsuit for a temporary restraining order.
And now for a song I've been waiting to post for 5 months.
Edited by Independence76, 27 November 2013 - 04:11 PM.
