American Airlines Gains Support for Reorganization Plan
After receiving approval from the court overseeing its bankruptcy proceedings to solicit feedback from creditors and shareholders regarding its reorganization plan, AMR , the parent of American Airlines, today announced overwhelmingly positive results from preliminary voting.
According to AMR, at least seven of its eight creditors with voting authority, representing "more than 97 percent of the claims value voting in each class," have approved its reorganization plan. Of the voting shares of AMR stockholders that have been tabulated to date, more than 99% have voted in favor of the plan, AMR said.
AMR plans to finalize the creditor and shareholder voting results and file them with the U.S. Bankruptcy for the Southern District of New York prior to its confirmation hearing scheduled for Aug. 15. The plan still needs the judge's approval.
AMR chairman, president and CEO Tom Horton commented, "This is another important milestone toward our launch of the new American." AMR hopes to emerge from Chapter 11 bankruptcy protection at the same time as its planned merger with US Airways closes; both are expected to occur in Q3 of 2013.
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